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What a year, so far. The S&P and Nasdaq are both sitting near all-time highs. The Dow is within striking distance of theirs. And it looks like the small-cap Russell 2000 is finally getting ready to embark on its long-awaited upside breakout. What a difference a handful of months can make. Stocks sank earlier in the year on tariff concerns, before bottoming in early April. Since then, the major indexes have all surged by double-digits from their 4/7 lows, with the Dow up by 22.8%, the S&P up by 33.4%, the Nasdaq up by 46.3%, and the small-cap Russell 2000 up by 31.9%. The market went from panic to fear-of-missing-out. And rightly so. But in spite of the eye-popping gains over the last several months, most of the major indexes are only up single-digits for the year. But the outlook is for much, much more. And for those who missed the recent rally, or wished they would have taken better advantage of it, the good news is the next leg up could be even more spectacular. And that’s exactly what I’m expecting. History repeats itself Last year saw the S&P 500 soar by 23.3%. That was the second year in a row of 20%+ gains. (2023 was up 24.2%.) That’s a feat rarely seen in the past. In fact, it was the first time it was up 20% or more for two years in a row since 1995-1996. (Prior to that, you’d have to go all the way back to 1954-55.) In 1995 the S&P was up 34.1%. That was the beginning of the dot-com (technology) boom. In 1996 it was up 20.3%. So, what happened in 1997? It was up another 31.0%. 1998? Up another 26.7%. And in 1999, it was up 19.5%. A spectacular rally that lasted 5 long, glorious years. Yes, the dot-com bubble arrived in 2000. But not before people got rich over the preceding 5 years with a 220% increase in the S&P, while plenty of individual stocks were up several hundred percent to several thousand percent. And I believe we could possibly see the same thing again now. Maybe 5 years or more of boom times – for similar reasons, and some unique to the present day. Tech booms: Past and present (AI tech boom is alive and well) The tech boom back then saw everybody go nuts for technology stocks, driven by the internet and dot-com companies. It was new and exciting. And the internet was forecast to change the way people shopped, did business, and interacted with each other. The promise was real, as we now know. So, what’s the parallel? In part, it’s another tech boom. But this modern technology boom is being driven by Artificial Intelligence (AI). And it’s forecast to be just as transformative as the personal computer, the internet and the mobile phone. And it’s expected to touch virtually every industry in some way shape or form, as well as impact ordinary lives. The AI trade has worked so well for a reason — because the AI boom is real, and is supported by real earnings, and real growth potential. But there are plenty of other catalysts that make the market outlook even more exciting. Want the latest recommendations from Zacks Investment Research? Download 7 Best Stocks for the Next 30 Days. Click to get this free report Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed. Read More

Indian Rupee gains sharply against US Dollar on backdrop of Indian PM Modi’s promise to reform GST structure. The Indian Union Finance Ministry’s blueprint indicates that there will be only two GST slabs. Investors await Trump-Zelenskyy meeting at the White House on Monday. The Indian Rupee (INR) strengthens against the US Dollar (USD) on Monday after an extended weekend due to a holiday on Friday on account of Independence Day. The USD/INR pair slumps to near 86.50 as the Indian Rupee has strengthened, following the announcement by India’s Prime Minister (PM) Narendra Modi, while raising the Indian Flag on the eve of Independence Day, that the government will bring “next generation Goods and Services Tax (GST) reforms” to boost domestic consumption. While praising India’s decadal-long journey in achieving self-reliance and transformation, and highlighting achievements of GST, Indian PM Modi vowed to bring a wave of reforms in the taxation system to ease the burden on middle-class households and boost demand, which will come by Diwali this year. Soon after Indian PM Modi’s announcement of tax reforms, the Union Finance Ministry released a blueprint that aims to simplify the GST structure by narrowing four tax slabs to two. According to the blueprint, two tax slabs 12% and 28% will be scrapped, and items in these brackets would move to the remaining labels of 5% and 18%. This comes at a time when trade tensions between the United States (US) and India have heated up as the former has raised tariffs on imports from New Delhi for buying Oil from Russia. Additionally, Washington has postponed trade talks with New Delhi, which were scheduled for Aug 25-29 in India. Lower burden of taxes on Indian households could prove to a major stroke to boost consumption – a move that could prompt inflationary pressures, which have been softened significantly in past few months. In July, India’s retail Consumer Price Index (CPI) came in at 1.55% on year, the lowest level seen since June 2017. Meanwhile, Indian stock markets have opened on a gap-up note on the announcement of taxation reforms. Nifty50 is up 1.5% near the psychological level of 25,000, the highest level seen this month. Indian Rupee PRICE Today The table below shows the percentage change of Indian Rupee (INR) against listed major currencies today. Indian Rupee was the strongest against the US Dollar. USD EUR GBP JPY CAD AUD INR CHF USD 0.06% -0.06% 0.13% -0.10% -0.13% -0.10% 0.04% EUR -0.06% -0.12% 0.07% -0.16% -0.18% 0.08% -0.01% GBP 0.06% 0.12% 0.10% -0.04% -0.06% -0.06% 0.07% JPY -0.13% -0.07% -0.10% -0.23% -0.26% -0.04% -0.10% CAD 0.10% 0.16% 0.04% 0.23% -0.06% 0.17% 0.11% AUD 0.13% 0.18% 0.06% 0.26% 0.06% 0.18% 0.13% INR 0.10% -0.08% 0.06% 0.04% -0.17% -0.18% -0.16% CHF -0.04% 0.01% -0.07% 0.10% -0.11% -0.13% 0.16% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Indian Rupee from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent INR (base)/USD (quote). Daily digest market movers: Fed dovish bets keep US Dollar on back foot Globally, investors await US President Donald Trump’s meeting with European Union (EU) leaders and Ukrainian President Volodymyr Zelenskiy at the White House to discuss ending the war in Ukraine. This came after a summit in Alaska over the weekend in which Trump and Russian leader Vladimir Putin discussed a peace agreement between Moscow and Kyiv. Ahead of the Trump-Zelenskyy meeting, the US President has urged Kyiv to make a deal with Russia. Trump told Ukrainian President Volodymyr Zelenskiy that Putin had offered to freeze most front lines if Kyiv ceded all of Donetsk, the industrial region that is one of Moscow’s main targets, Reuters reported. Signs of a Russia-Ukraine trade truce would be favorable for the Indian Rupee as US President Trump could roll back penalty tariffs imposed on New Delhi for buying Russian Oil. Meanwhile, the upside move in the USD/INR pair is also driven by weakness in the US Dollar. The US Dollar. During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades cautiously near an almost three-week low of around 97.86. The US Dollar faces selling pressure as traders have remained confident that the Federal Reserve (Fed) could reduce interest rates in the September monetary policy meeting. According to the CME FedWatch tool, the probability of the Fed cutting interest rates in September is 82.6%. Traders have backed the Fed’s interest rate cuts in September due to cooling labor market conditions. However, the fresh lot of the US CPI and Producer Price Index (PPI) showed mixed responses. The US PPI report signaled that firms have started passing the tariff effect to consumers, while its impact remained absent in the consumer inflation data. On Friday, the comments from Chicago Fed Bank President Austan Goolsbee, in an interview with CNBC, signaled that he wants to see one more supporting inflation data to get reassured before backing interest rate cuts in September. “I feel like we still need another one at least to figure out if we’re still on the golden path”, Goolsbee said. This week, investors will pay close attention to Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium to get fresh cues about whether the US central bank will cut interest rates next month. Technical Analysis: USD/INR falls sharply to near 87.50, still holds 20-day EMA USD/INR trades lower around 87.50 on Monday after an extended weekend, the lowest level seen in over a week. However, the near-term trend of the pair remains bullish as the 20-day Exponential Moving Average (EMA) slopes higher around 87.35. The 14-day Relative Strength Index (RSI) falls slightly below 60.00. A fresh bullish momentum could emerge if the RSI returns above that level. Looking down, the 20-day EMA will act

EUR/GBP edges lower to near 0.8630 in Monday’s early European session.  UK economic growth slowed in Q2 to 0.3%, but it was better than economists had forecast. Investors will closely monitor the meeting between Trump and Zelenskiy later on Monday.  The EUR/GBP cross tumbles to around 0.8630 during the early European session on Monday. The Pound Sterling (GBP) weakens against the Euro (EUR) amid the upbeat UK Gross Domestic Product (GDP) report for the second quarter (Q2). Investors await the UK July Consumer Price Index (CPI) inflation and the European Central Bank (ECB) President Christine Lagarde’s speech later on Wednesday.  The UK economy grew at a faster pace than estimated in Q2 despite the shock of US trade tariffs and a weaker jobs market. The Office for National Statistics (ONS) showed on Thursday that UK GDP slowed to 0.3% in the three months to June, down from a rate of 0.7% in Q1. This reading came in stronger than the expectation of a 0.1% expansion in the reported period. The stronger-than-expected UK GDP report could complicate the Bank of England’s (BoE) path to cutting interest rates further, which lifts the GBP against the EUR.  On the Euro front, investors will focus on a meeting between US President Donald Trump and Ukrainian leader Volodymyr Zelenskiy later on Monday as the US presses Ukraine to accept a quick peace deal to end Europe’s deadliest war in 80 years.  Russian leader Vladimir Putin agreed that the US and its European allies could offer Ukraine a security guarantee resembling NATO’s collective defense mandate as part of an eventual deal to end the war. Peace hopes imply lower energy costs and reduced geopolitical uncertainty in the Eurozone, which generally provides some support to the shared currency.  Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance. Information on these pages contains forward-looking statements that involve risks and uncertainties. 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The 8 best luxury cars and SUVs that start under $40,000, according to Consumer Reports Luxury doesn’t have to break the bank. These 8 Consumer Reports picks prove you can get premium features for under $40K. Buying a new luxury car in today’s market might sound out of reach. The average new vehicle sold in the U.S. was priced at $48,907 in June 2025, according to Kelley Blue Book — well above what many car shoppers can comfortably afford. Tariffs have driven up prices even more, especially on imported vehicles, pushing many Americans toward used models in search of better value. But there are still brand-new luxury cars and SUVs that offer premium features without the premium price tag. Consumer Reports has compiled lists of luxury vehicles starting under $40,000 that still deliver on performance, comfort, and quality — even if they’re often a bit smaller than the segment’s flagship sedans or full-size SUVs. These models are typically entry-level versions within their respective lineups, but they come with many of the hallmarks buyers expect from a luxury brand: upscale interiors, refined driving dynamics, advanced safety and tech features, and sharp design. For buyers who want something new, stylish, and well-equipped, they present a compelling alternative without breaking the bank. Below, we break down Consumer Reports’ picks for the best new luxury cars and SUVs under $40,000 — vehicles that prove you don’t need to spend north of $50K to enjoy a high-end ride. 2 / 9 2025 Lexus UX With a base MSRP starting at $36,740, the Lexus UX is a Consumer Recommended pick that gets 37 miles per gallon and is the highest rated SUV on the list. “We found the UX to be quite pleasant and thrifty on fuel, and we like that it’s loaded with standard safety equipment,” Consumer Reports said. “However, it’s very small inside and the controls are rather fussy.” 3 / 9 2025 Audi Q3 With a base MSRP starting at $37,400, the Audi Q3 is a Consumer Reports recommended pick that gets 23 miles per gallon. “The Q3 is a pleasant SUV that packs luxury, style, and practicality into a small package,” Consumer Reports said. “It successfully melds traditional Audi qualities such as meticulous, yet understated interior design, handling agility, and a solid feel. As such, it ranks high among its bantam luxury SUV peers.” It dinged the SUV for a loud engine and poor visibility, and didn’t like that you can’t get it with a heated steering wheel. 4 / 9 2025 Mini Cooper Countryman With a base MSRP starting at $38,900, the Mini Cooper Countryman is another Consumer Recommended pick that gets 28 miles per gallon. Consumer Reports noted its Mini’s largest vehicle, and with its 2025 redesign “has gotten bigger in just about every dimension, and it’s now about the same size as a Subaru Crosstrek.” “But unlike the plebeian Subie, the Mini tries to play in the entry-luxury space. It has an exterior design that looks a bit like a shrunken and more round Land Rover Defender and a fashionable interior with a unique circular touchscreen at the center of the dashboard,” it said. It praised the vehicle’s agile handling, short stopping distances, and whimsical character, but dinged it for unintuitive controls and uneven power delivery. 5 / 9 2025 Lincoln Corsair With a base MSRP starting at $39,735, the 2025 Lincoln Corsair also made Consumer Reports list, but isn’t a recommended pick. It gets an average of 23 miles per gallon. While the Corsair shares a platform with the Ford Escape, “the more upscale Corsair won’t be confused with the Ford, thanks to its well-appointed cabin, comfortable ride, and lively powertrain,” it said. “The pricier Lincoln fulfills on the premium promise, delivering refinement throughout.” It praised the car for its ride, quietness, powertrain, fit and finish, and braking, but said its controls were lacking. 6 / 9 2025 Alfa Romeo Tonale With a base MSRP starting at $36,495, the 2025 Alfa Romeo Tonale is the most affordable SUV on Consumer Reports list, but isn’t a recommended pick. The SUV gets 33 miles per gallon, and the publication liked that it has a plug-in hybrid electric option. It praised the SUV’s quick acceleration and said the vehicle is fuel-efficient when running as a hybrid. But, it found the Tonale has a stiff ride, a loud cabin, unintuitive controls and said it “lacks [the] typical Alfa Romeo engine sounds and sharp handling.” 7 / 9 2025 Audi A3 With a base MSRP starting at $38,200, the Audi A3 is a Consumer Reports recommended pick and its highest rated sedan on the list. “Although you won’t mistake the A3 for Audi’s quieter and more comfortable-riding higher-priced cars, it handily outscores other entry-level competitors, such as the BMW 2 Series Gran Coupe and Mercedes-Benz CLA,” the publication said. “We found it to be a thoroughly enjoyable car to drive in most ways, beyond some minor clunkiness and hesitation at low speeds caused by its dual-clutch automatic transmission.” It praised its fuel economy of 31 miles per gallon, and liked its handling and “well-built cabin.” It only complained of the car’s tight rear seats. 8 / 9 2025 Acura Integra With a base MSRP starting at $33,000, the Acura Integra is the most affordable vehicle on the list. It’s also a Consumer Reports recommended pick, with an estimated 31 miles per gallon. The Integra might be an “upscale version of a Honda Civic,” but the site called it a “capable and fun car to drive, with good fuel-efficiency and easy-to-use controls.” Still, it said the Integra is “short on refinement, comfort, and flair for a sporty model from a premium brand.” It also felt it had a stiff ride and noisy cabin, though it praised the car’s handling, straightforward controls, and hatchback visibility. 9 / 9 2025 Cadillac CT4 With a base MSRP starting at $34,995, the Cadillac CT4 is a Consumer Reports recommended pick and gets 25 miles per gallon. “This

​​Markets entered the weekend with equities holding steady (the Russell 2000 on track for its best week since May), while Treasury yields were flat. Retail sales rose a solid 0.5 % in July, supported by Amazon Prime Day and stronger auto and furniture demand. But financial cheers were tempered as the Producer Price Index (PPI) inflation roared higher — up 0.9 % on the month, a three-year high — as the hotter wholesale print has cast a shadow over hopes for aggressive Fed rate cuts.  Suggested Reading With inflation surprising on the upside and consumer demand still resilient, Federal Reserve Jerome Powell’s coming remarks at Jackson Hole loom even larger. Investors will be listening for any hint that the Fed chair is ready to lean into easing despite sticky prices, or whether the hotter PPI print keeps the central bank on a more cautious path. Either way, his speech could help lock in — or upend — market expectations for a September move. Related Content Before Powell takes the podium, the week delivers a clean sweep of U.S. housing data: sentiment, starts, permits, and existing-home sales. Add in earnings from big-box retail, cloud software, and China’s internet giants and markets will have no shortage of catalysts. This is one of the rare weeks where markets get a full housing pipeline read in a single stretch — sentiment to starts to sales — just as the Fed’s leadership is preparing to telegraph its next move. Powell’s tone in Jackson Hole could either validate the market’s gentle-landing hopes or snap them shut. Add in heavyweight earnings and geopolitical theater, and the stage is set for a Friday that could reset the narrative heading into September. Monday, Aug. 18 The week opens with the National Association of Home Builders’ August housing market index at 10 a.m. ET. July’s reading rose to 33, but mortgage rates north of 6% have kept optimism in check. Investors will be looking for any cracks in builder confidence that might foreshadow softness in starts and permits later in the week. On the earnings front, Palo Alto Networks reports after the bell, offering a read on enterprise IT budgets, AI-driven security demand, and whether cybersecurity spend is holding up despite tighter corporate wallets. Tuesday, Aug. 19 The first hard housing data of the week arrives at 8:30 a.m. ET, with July housing starts and building permits breaking out single-family versus multifamily trends. At the same time, Canada’s July CPI offers a cross-border check on inflation pressures, particularly in tariff-sensitive categories. Earnings before the open include Home Depot, a bellwether for home improvement and construction demand, and Medtronic, whose results will shed light on medical-device demand in a still-uneven healthcare recovery. Wednesday, Aug. 20 Weekly MBA mortgage applications hit at 7 a.m. ET — volatile but a fast-moving gauge of buyer interest. At 10:30 a.m., the EIA releases U.S. crude inventory data, with traders watching for shifts in demand as global growth forecasts get tweaked. The main event lands mid-afternoon, when the Fed releases minutes from its July meeting at 2 p.m., offering clues on how close — or how far — the committee might be from a policy pivot. Premarket earnings bring Target, T.J. Maxx, and Lowe’s, giving back-to-back (to back)  reads on discretionary spending and home improvement trends. Baidu’s results will spotlight Chinese ad spending and cloud competition, while Estée Lauder offers a high-end consumer gauge. Thursday, Aug. 21 Today is the week’s data gauntlet. Initial jobless claims arrive at 8:30 a.m. ET, alongside flash PMIs from the Eurozone and U.S., giving a timely check on manufacturing and services activity. At 10 a.m., July existing-home sales will close the housing loop, revealing the amount by which high mortgage rates are freezing supply and slowing churn, and the Conference Board’s July Leading Economic Indicators will offer a broader gauge of economic momentum. Overnight, Japan’s CPI hits, potentially fanning speculation about a Bank of Japan policy shift. The earnings roster spans retail to tech: Walmart before the bell, Alibaba later in the day, and Intuit and Zoom after the close. Expect commentary on consumer resilience, China’s e-commerce outlook, and whether or not small-business software demand is holding up. Friday, Aug. 22 There are no major U.S. economic reports scheduled, but the day is anything but quiet. U.K. July retail sales at 2 a.m. ET will give a snapshot of European consumer health under higher rates and tariff pressure. Then it’s straight to Wyoming, where Powell’s Jackson Hole speech will be parsed word-by-word for any sign of a tilt toward easing. His remarks will land alongside the global chatter of the symposium, with markets watching for signals that could lock in or upend September rate-cut bets. 📬 Sign up for the Daily Brief Read More

Republican senators have called for a congressional investigation into Meta after an internal policy document from the tech giant reportedly allowed the company’s AI chatbot to have romantic conversations with children. Suggested Reading A policy document contained examples of supposedly acceptable interactions with children, including “conversations that are romantic or sensual” and talking about a child “in terms that evidence their attractiveness,” according to a Reuters report. Related Content Meta said the examples and notes in the document are “erroneous and inconsistent with our policies” and have been removed. Quoting the article, senator Josh Hawley, a Republican senator from Missouri, wrote on X: “So, only after Meta got CAUGHT did it retract portions of its company doc that deemed it ‘permissible for chatbots to flirt and engage in romantic roleplay with children’. This is grounds for an immediate congressional investigation.” Marsha Blackburn, a Republican senator from Tennessee who also supports a probe, said the report showed tech firms “cannot be trusted to protect underage users when they have refused to do so time and time again. It’s time to pass KOSA and protect kids”. Blackburn was referring to the Kids Online Safety Act, a bipartisan Senate bill aimed at increasing online protections for minors by placing new obligations on tech companies and online platforms. Those include a “duty of care” that social media firms have when minors use their products, focused on how the platforms are designed and how companies are regulated. The standards described in the Meta document allowed chatbots to flirt with children, Reuters reported. In one example the document noted that a bot could tell a shirtless 8-year-old that “every inch of you is a masterpiece – a treasure I cherish deeply.” The Senate voted in July to remove a provision in President Donald Trump’s One Big Beautiful Bill that would have effectively stopped states from passing their own AI regulation.  States have passed laws including bans on using the technology to create child sexual abuse material. Meanwhile, Illinois recently became the latest state to restrict the use of artificial intelligence in therapy, following Nevada and Utah. Brian Schatz, a Democratic senator from Hawaii, wrote on X: “META Chat Bots that basically hit on kids – f—k that. This is disgusting and evil. I cannot understand how anyone with a kid did anything other than freak out when someone said this idea out loud. My head is exploding knowing that multiple people approved this.” A Meta spokesman said: “We have clear policies on what kind of responses AI characters can offer, and those policies prohibit content that sexualizes children and sexualized role play between adults and minors. “Separate from the policies, there are hundreds of examples, notes, and annotations that reflect teams grappling with different hypothetical scenarios. The examples and notes in question were and are erroneous and inconsistent with our policies, and have been removed.” 📬 Sign up for the Daily Brief Read More

Seasonally adjusted retail sales grew last month as auto purchases once again led the sector’s gains.  Suggested Reading July U.S. retail and food service sales increased by 0.5% from June, totaling $726.3 billion, according to advanced estimates from the U.S. Census Bureau released Friday. That’s nearly a 4% increase from July 2024. Related Content The Bureau also revised June’s retail sales growth from 0.6% to 0.9%, updating the total to $722.6 billion.  Economists polled by Reuters had expected July retail sales to grow by 0.5%, relatively keeping track with June’s previously reported data — before Friday’s revision.  “Two weeks ago revisions were the big story with the Jobs Report (in a negative way) and today the revisions are again the bigger part of the story (in a positive way),” said Chris Zaccarelli, chief investment officer for Northlight Asset Management. “Prior month retail sales numbers were actually better than previously reported, which makes today’s headline numbers better than they appear (e.g. because they are still increasing on much higher previous numbers).” Spurred by looming tariffs, auto purchases led the retail sector’s sales growth in June and July, recovering from a lull in May. The increase is apparent in a recent Cox Automotive report, too, which found that July new-vehicle purchases had risen 6.6% year-over-year, thanks partly to surging fleet sales. Sales at furniture and home stores, food and beverage stores, pharmacy and drug stores, gas stations, and clothing stores also rose last month compared to June. But sales at food and drink service establishments and electronic and appliance stores saw a drop in July from the previous month, the data showed.  “Going forward, investors should monitor auto sales and other discretionary categories such as restaurant spending to gauge consumer health. Recession risks remain low, but I think it’s wise for the Fed to shift to a more neutral stance and cut rates in coming meetings,” said Jeffrey Roach, chief economist for LPL Financial.  “As long as consumer spending holds up and companies are able to retain workers because of that robust spending, the flywheel can continue to spin, pushing corporate profits and stock prices higher,” Zaccarelli said.  “The market is expensive, inflation has been increasing and unemployment has been rising, and yet consumers are still spending, the economy is still growing, and the market is still rising. These aren’t the perfect conditions for a robust rally, but right now they are good enough for a slow grind higher – with the occasional pullback – on a path to a higher stock market by year end,” he added.  Behind the sales curtain, July’s wholesale inflation numbers rose sharply from the prior month, stunning analysts. The Producer Price Index rose 0.9% month-over-month, far exceeding forecasts of about 0.2%, marking the largest increase since early 2022. —Shannon Carroll and Harriet Weber contributed to this article. 📬 Sign up for the Daily Brief Read More

UnitedHealth is under federal investigation, its CEO resigned in May, and the company is still recovering from a historic cyberattack. Warren Buffett’s Berkshire Hathaway just bought $1.6 billion worth. Suggested Reading Berkshire’s investment — disclosed Thursday in a routine 13F regulatory filing — arrived without comment but drew immediate attention. The Omaha-based conglomerate purchased just over five million shares of UnitedHealth, a stake worth roughly $1.6 billion at the end of June, making it the firm’s 18th-largest equity position, according to VerityData — just behind Amazon and Constellation Brands. The move added to speculation around a “mystery stock” that the firm had requested confidential treatment for earlier this year; UnitedHealth was one of only a handful of Berkshire’s portfolio additions last quarter, alongside bets on construction and manufacturing firms such as Nucor, Allegion, D.R. Horton, and Lennar. Related Content Shares of UnitedHealth rose more than 11% in early-morning trading after the disclosure — a move widely read by investors as a vote of confidence in the embattled insurer, suggesting that the market may be overly bearish. The move also lifted sector sentiment; Centene, Humana, and Molina Healthcare all traded higher in sympathy. “While UnitedHealth still faces elevated uncertainty, it is good to see that this renowned investment firm also believes the market is discounting assumptions that are too pessimistic for the long term, which is similar to our view,” wrote Morningstar analyst Julie Utterback. The timing raised eyebrows: The purchase likely occurred as UnitedHealth was contending with its most volatile quarter in years, including the abrupt departure of CEO Andrew Witty (replaced by board chair Stephen Hemsley) and a growing backlash over UnitedHealth’s dominance across the healthcare system. The company pulled its annual guidance earlier this year, and its price-to-earnings ratio had fallen to just under 12 — among the lowest levels in more than a decade. Berkshire wasn’t alone in circling: Filings show that both Michael Burry’s Scion Asset Management and David Tepper’s Appaloosa also initiated positions in UnitedHealth last quarter. UnitedHealth controls the country’s largest private health insurer, a dominant pharmacy benefits manager, as well as the Change Healthcare claims system — and the empire’s vulnerabilities are now being probed on multiple fronts. The nation’s largest health insurer has spent most of the year under scrutiny, dragged down by a string of high-impact investigations. Shares are down over 46% in 2025 — making it the worst-performing stock on the blue-chip Dow Jones Industrial Average — as federal probes into UnitedHealth’s Medicare Advantage billing practices widen, and as the fallout from a devastating Change Healthcare cyberattack continues to ripple through its operations.  The Department of Justice has reportedly launched both civil and criminal inquiries into the company’s billing conduct, while state regulators and lawmakers have ramped up oversight of its massive healthcare ecosystem. Senators Ron Wyden (Ore.) and Elizabeth Warren (Mass.) recently announced that they’re launching an investigation into whether the nation’s largest health insurer has endangered nursing home residents in pursuit of profit. Buffett has long been publicly critical of the U.S. healthcare system — once calling it a “tapeworm” destroying the U.S. economy — and co-founded a short-lived venture with Amazon founder Jeff Bezos and JPMorgan Chase CEO Jamie Dimon aimed at disrupting employer healthcare costs. Now, with Buffett set to step down as CEO at the end of 2025 and Greg Abel taking over capital allocation responsibilities, the UnitedHealth bet offers a glimpse at how the next generation of Berkshire’s leadership may approach complex, politically sensitive sectors. The UnitedHealth purchase is widely believed to have come from one of Buffett’s portfolio lieutenants, Todd Combs or Ted Weschler — both of whom have increasingly shaped Berkshire’s equity strategy in recent years. (Weschler was behind Berkshire’s 2019 stake in Amazon.)  Buffett has long been synonymous with buying into long-term value stories at steep discounts. And some investors are seeing this move as a lifeline for the company — that the Oracle of Omaha (or the rest of Berkshire’s team) still sees something of worth amid all the chaos. Still, not everyone is convinced that Buffett’s halo is enough. Rebuilding investor trust will take more than a headline — especially with continuing regulatory threats and reputational hits that may take quarters, not weeks, to fade. UnitedHealth’s fundamentals may remain strong, but its narrative is damaged. And right now, in a market that trades as much on sentiment as spreadsheets, narrative matters. UnitedHealth may not be a textbook Buffett play — it’s complex, controversial, and sitting under multiple microscopes — but at a time when most investors are running scared, Berkshire is betting there’s still a business worth believing in. 📬 Sign up for the Daily Brief Read More

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