🚀 Inflation update

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. In July, the producer price index (PPI), a key measure of wholesale inflation, rose by just 0.1%, less than economists expected, suggesting the Federal Reserve may soon consider lowering interest rates. The core PPI, which excludes food and energy, remained flat. On an annual basis, the PPI increased by 2.2%, down from 2.7% in June. This modest inflation reading, despite a rise in energy prices, led to stock market gains and lower Treasury yields. The data supports the likelihood of an interest rate cut by the Fed in its upcoming September meeting.

2. Starbucks has replaced CEO Laxman Narasimhan with Chipotle CEO Brian Niccol in a bid to reverse its sales slump, causing Starbucks stock to soar over 20%. Narasimhan, who took over in March 2023, faced challenges with weak sales in the U.S. and China, leading to a 3% decline in same-store sales. Niccol, known for revitalizing Chipotle, will take over on September 9. The leadership change follows pressure from activist investors like Elliott Management and comes amid Starbucks' efforts to address its declining performance.

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4. Headlines

   1. Home Depot lowered its forecast, expecting sales to drop 3-4% year over year.

   2. Macy’s has announced plans to close 1/3rd of its stores by 2027. These 150 locations represent 30% of its total stores, 25% of its square footage, and just 10% of its sales.

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