I'm back at it‼️ See you on CNBC Halftime Report at noon ET.

💥New blog! First one back in the saddle 🐎 "Fresh Eyes, Fresh Highs" give it a read: sofi.com/article/invest…

My ♥️ will always be with MKE. Ninth straight win 🧹🧹🧹 #ThisIsMyCrew

Earnings revision momentum is the most positive it's been since 2021.

CPI was mixed: Headline came in at 0.2% m/m and 2.7% y/y (below ests), while core came in at 0.3% m/m and 3.1% y/y (above ests). Markets are seeing the glass as half full right now.

Peeling back the 🧅, some important inflation components are concerning: The services ex-shelter category accelerated to 0.5% m/m, highest since Jan 2025 and Mar 2024, respectively. Goods ex-cars remain hot, and car prices have swung back to a positive territory.

Magical things are happening in Milwaukee #ThisIsMyCrew

The S&P 500 has reached a new all-time high 16 times this year. 13 of them have happened since June 27.

If free George Webb burgers for the whole state because of 12 straight wins doesn't scream Wisconsin, I don't know what does 🍔 #ThisIsMyCrew

Given the belief that businesses are eating the tariffs, something to watch today is the Trade subcomponent of PPI (i.e. changes in retail & wholesale margins). Trade falls under the Services category, which usually accounts for the majority of PPI. More to come at 8:30 ET.

Massive upside surprise to July PPI at 0.9% m/m vs 0.2% est. And the surge was broad. Woof.

The increase in PPI was driven by services, and there were increases in general services costs *and* in the Trade component (i.e. wholesale/retail margins). The Fed won't like this report.

💥New blog: "31 Flavors" on why to diversify right now👇🏼 sofi.com/article/invest…

A sign of how concentrated the stock market is: The S&P 500 is down 0.6% despite advancing stocks outnumbering declining stocks 2 to 1. This return/breadth combination has only happened on three other occasions since 1996--all three of which occurred in 2024 & 2025.

🕊️🕊️🕊️ Need data to cooperate, but absent a series of super hot surprises, that cut is coming.

Bitcoin is -11% since its ATH of $125k on Aug 14 and is below its 50d MA. It hasn't triggered an oversold condition, but the weakness is worth noting given the recent positive momentum in stocks.

The NY Fed measure of underlying PCE inflation is 1 percentage point above pre-pandemic levels: Goods are adding 40bps, while services ex-housing are adding 60bps. Tariff pressures aside, this is the gist of why the Fed in a tough spot.