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Recent economic data has eased the recession fears that loomed earlier in August, diminishing the likelihood of large rate cuts by the Federal Reserve and boosting investor confidence in risk assets.
The S&P 500 and Nasdaq 100 indices saw their strongest week since late October 2023 as of Friday midday trading, driven by encouraging economic releases during the week.
Inflation continues to decelerate. In July, the Consumer Price Index inflation gauge increased by 2.9% year-over-year — the slowest pace since March 2021 and below both the previous month's rate and the expected 3%. Core inflation, which excludes food and energy prices, edged down from 3.3% to 3.2%, matching analyst expectations.
Initial jobless claims rose less than anticipated for the second straight week, suggesting the uptick in unemployment in July may have been a temporary blip rather than a sign of a broader cooling labor market trend.
Moreover, retail sales surged by 1% in July, marking the strongest monthly growth since January 2023 and significantly surpassing expectations. Consumer confidence also exceeded forecasts in August, further strengthening the economic outlook.
Chipotle Mexican Grill, Inc. (NYSE:CMG) lost $7 billion in market value while Starbucks Corp. (NYSE:SBUX) gained $15 billion following CEO Brian Niccol’s move from Chipotle to Starbucks. The contrasting market reactions highlight investor confidence in leadership changes impacting company fortunes.
A new Emerson College poll shows Vice President Kamala Harris leading Donald Trump by 4 points in the 2024 election race, with strong support from younger, older and independent voters. Harris is viewed favorably by 51% of voters compared to Trump’s 45%.
Walmart Inc.’s (NYSE:WMT) second-quarter earnings exceeded expectations, with a 4.8% revenue increase driven by e-commerce and advertising growth. The company raised its annual guidance, reflecting strong performance in both U.S. and international markets.
“Big Short” investor Michael Burry significantly raised his stakes in Chinese companies, with Alibaba Group Holding Limited (NYSE:BABA) as his top holding. His hedge fund Scion Asset Management also has significant positions in JD.com (NASDAQ:JD) and Baidu Inc. (NYSE:BIDU), signaling a strong bet on China’s tech market potential.
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