The Manheim Used Vehicle Index is up 6.3% Y/Y, reversing a two-year downtrend after pandemic-era prices surged. With new car sales still below pre-pandemic levels, the supply of “newer” used cars remains tight, supporting higher prices.

U.S. stocks extended their momentum in July, with the S&P 500 marking its third straight monthly gain and the Nasdaq outperforming for the fourth month in a row. Strong corporate earnings, encouraging economic data, and progress on trade deals helped fuel the rally. Read our full

The ISM Manufacturing and Service PMI's both cooled in July, with weak new orders for both indexes. The employment index fell further into contraction territory for manufacturing and services, aligning with softening labor market growth.

Mortgage purchase applications rose 1.5% last week, but the 4-week average hit its lowest level since mid-May. Homebuyers remain pressured by high prices and elevated rates. The avg 30-yr mortgage rate is 6.8% and has stayed above 6% since September 2022.

Initial jobless claims rose 7K last week to 226K, above expectations of 219K. Continuing jobless claims climbed by 38K to 1.974 million, the highest since November 2021. Layoffs remain low, but the pace of hiring is clearly slowing.

Small caps are getting smaller vs large cap stocks after years of underperformance. The Russell 2000’s market value is just 4.7% of the total S&P 500 market value, down from 8.8% in 2021 and far below its record high of 11.7% in 2006.

Despite the S&P 500 hovering near record highs, market sentiment is souring. In the latest AAII sentiment survey, investors that are bearish outnumbered bulls by 8.4%. Investors typically turn more bullish when stocks trend higher.

The Nasdaq is at a record high, but fewer stocks in the index are trending higher. Only 42% of stocks in the index are above their 200-day moving average, down from 70% just 2 weeks ago. Megacap AI-related stocks are doing the heavy lifting.

With markets focused on this week’s CPI report, inflation may be about to surprise — and not in the way investors hope. Join CIO Gene Goldman, CFA on this week’s episode of #TheWeekAhead as he breaks down why CPI could come in hotter than expected, what that means for Fed policy, and

High yield bond spreads remain narrow, signaling investor confidence in corporate earnings and the economy. But with spreads this tight (under 300 bps), high yield bonds are vulnerable if market volatility rises.

Headline CPI inflation rose 0.2% in July, matching expectations. The annual increase was +2.7%. Core CPI rose 0.3%, also matching expectations, but the annual increase jumped to +3.1%. A September rate cut is still on the table because of weak job growth.

The S&P 500 jumped 1.1% today, closing at a record high for the 16th time this year. July CPI came in as expected, providing optimism for a rate cut next month. The S&P 500 is 9% above its 200-day MA, approaching overbought territory.

Mortgage purchase applications increased for the 2nd week in a row. Despite high mortgage rates, less than 10% of all mortgage apps are for adjustable-rate loans (ARMs), far below the peak of 36% in 2005 during the housing bubble.

Input costs are rising. The producer price index (PPI) surged 0.9% in July (+0.2% expected), marking the largest monthly increase since March 2022. Prices for final demand services jumped 1.1% last month, while goods prices rose 0.7%.

Discover what’s driving equity performance in our August Sector Insights report. We bring together macroeconomic trends, sector fundamentals, valuations, and technical analysis to deliver forward-looking perspectives on every S&P 500 sector—designed to help you make smarter, more

Consumer spending has warmed up this summer. Retail sales rose 0.5% in July, in line with expectations. June’s figure was revised up from +0.6% to +0.9%. Spending gains were led by motor vehicle sales (+1.6%) and home furnishing sales (+1.4%).

Consumers are getting relief at the pump. At $3.02 (national average), a gallon of gas is just 9.7% of the average hourly wage, well below the 20-year average (13.3%). Lower fuel costs can help boost discretionary spending.

S&P 500 projected earnings growth for 2025 remains positive, but expectations have dipped from 12.5% at the start of the year to 10.5% per FactSet. The fall has been even steeper for S&P Mid-Cap 400 (9.7% to 1.4%) and S&P Small-Cap 600 (21.1% to 8.1%).

With Fed Chair Jay Powell set to speak at the Fed’s Jackson Hole Symposium this Friday, markets are watching closely for clues on interest rates, inflation, and central bank independence. Join CIO Gene Goldman, CFA on this week’s episode of #TheWeekAhead as he breaks down the three

The Fed’s dual mandate of price stability and maximum employment is pulling in opposite directions. With cracks in the labor market emerging, a rate cut in September looks more likely. Read our latest Fed Monitor for more insights: cetera.com/fed-o-meter