NEWS
Bulls Hold Off A CPI Slide

Bears found an edge early in the day after inflation data came out, but bulls battled back midday and held on into the close. Tomorrow’s a big day with retail sales and Walmart giving investors a much-needed read into U.S. consumer trends. Let’s see what else you missed. 👀

Today's issue covers inflation’s progress, $K shares rocketing to Mars, Victoria’s Secret soaring on CEO news, & Apple’s latest “innovation.” 📰

Here’s the S&P 500 heatmap. 8 of 11 sectors closed green, with financials (+1.22%) leading and communications (-0.57%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $RSKD, $ALBT, $LITE, $VSCO, $SIGA 📉 $EAT, $VLD, $SPRB, $DLO, $SBUX*

*If you’re a business and want to access this data via our API, email us.

ECONOMY
Steelmaker Slump Prompts Global Economy Worries 😟

U.S. consumer price growth slowed to 2.90% YoY, its lowest rate since 2021. Core CPI rose 0.20% MoM and 3.20% YoY, meeting expectations and furthering the case for a September rate cut. 🔻

Certain aspects of inflation remain sticky, but shelter prices once again made up the vast majority of this month’s gains. Eggs and subscription/rental prices for videos/video games made headlines due to a more than 5% jump each.

Mortgage rates have fallen to their lowest level in over a year, and people are taking advantage, with refinances surging 35% WoW and 120% YoY. 🏘️

Despite some relief, consumer sentiment remains subdued by ‘recession-like’ symptoms hitting Americans across the low to middle-income scales.

Additionally, concerns about the global economy remain. China’s Baowu is the world’s largest producer of steel, controlling 7% of the market. It warned that China’s steel sector is experiencing a '“harsh winter” that will be “Longer, colder, and more difficult to endure than we expected.”

Industrial metals like steel are an important barometer of economic demand, and right now, China is dealing with a major oversupply issue given its sluggish economy and overall growth trajectory. ⚠️