Quote:The S&P 500 climbed Wednesday to a fresh record, breaking above 5,600 for the first time, as a sharp rise in semiconductor stocks led the market higher.

The broad market index traded 0.6% higher. The benchmark is also on track for its seventh straight day of gains. The Nasdaq Composite advanced 0.9%, also hitting an all-time high. The Dow Jones Industrial Average added 216 points, or 0.5%.

Chip stocks were among the largest winners of the session. Stock in Taiwan Semiconductor added nearly 3% after revenue from April to June came in ahead of Wall Street estimates. Peer chip firms Qualcomm and Broadcom traded about 1% higher each, while artificial intelligence darling Nvidia climbed 3%.

Those moves come as investors await fresh inflation figures on Thursday with the release of the June consumer price index report. The data follows comments from Federal Reserve Chair Jerome Powell on Tuesday and Wednesday that has fueled investor hopes for a rate cut in the second half of the year.

S&P 500 rises, breaks above 5,600 for the first time: Live updates

Quote:Thursday's consumer price index report could be the moment investors have been waiting for all year. The Federal Reserve has appeared to be on the threshold of cutting rates since January. Yet one more soothing inflation report could kick the door wide-open — to two or more rate cuts this year. The S&P 500 is up modestly ahead of tomorrow's CPI as that index tries to extend its winning streak to seven sessions.

CPI Forecasts
Economists expect a 0.1% overall CPI increase on the month, with a 0.2% rise in the core CPI, which strips out food and energy.

But it could go either way. Deutsche Bank expects a 0.25% rise in the core CPI as May's decline in transportation services prices could lead to a rebound in June. However, Nomura predicts a tame 0.135% core CPI increase, thanks to lower prices for hotel and motel stays, as well as lower airfares.

Keep in mind, though, that the Fed's primary inflation measure, the core PCE price index, often grows more slowly than the core CPI. That happened in May, when the core CPI rose 0.16%, while the core PCE price index edged up just 0.08% — the smallest increase since November 2020.

One big reason for the disparity is that housing costs, which have continued to outpace core inflation as a whole, account for 43% of the core CPI basket but less than 18% of core PCE outlays.

CPI Could Bust Open The Dam For Fed Rate Cuts; S&P 500 Keeps Climbing

"One big reason for the disparity is that housing costs, which have continued to outpace core inflation as a whole, account for 43% of the core CPI basket but less than 18% of core PCE outlays."

This is exactly why there are polls out there that show millennials and especially Gen Z think the economy is deplorable despite all of this fluff you posted. If you owned a home prior to 2020 and have a hefty stock portfolio this economy is pretty awesome. Even with the rise in prices overall your assets have massively appreciated and you are doing pretty good. If you don't own those assets you are looking at a nightmare economic situation.

(07-10-2024 01:16 PM)b0ndsj0ns Wrote:  "One big reason for the disparity is that housing costs, which have continued to outpace core inflation as a whole, account for 43% of the core CPI basket but less than 18% of core PCE outlays."

This is exactly why there are polls out there that show millennials and especially Gen Z think the economy is deplorable despite all of this fluff you posted. If you owned a home prior to 2020 and have a hefty stock portfolio this economy is pretty awesome. Even with the rise in prices overall your assets have massively appreciated and you are doing pretty good. If you don't own those assets you are looking at a nightmare economic situation.

Yes. My company seriously increased my compensation in order to keep me around as inflation got so out of whack. Most of the young and working poor arent seeing that under Biden*.

My house and property has seriously increased in value due to inflation. Poeple who dont own arent able to realize those gains.

And to add insult to injury, if Biden* were to somehow get re-elected and not extend the Trump tax cuts, you and Tom will be paying for my $4k-$6k reduction in federal taxes.

At least you recently have seemed to start figuring it out. Tom still has his head planted way up his ass.

One question as I'm not the brightest bulb when it comes to finances: Can you use those "assets" to pay your rent, pay for food, get gasoline for your car so that you can go to your work, pay your utilities, etc, and etc?

The Demons brag that they're for the poor but how many really have any assets that can rise in value, especially in NYC where most everyone pays RENT for a studio apartment that is overpriced.

(07-10-2024 01:28 PM)UofMstateU Wrote:  

(07-10-2024 01:16 PM)b0ndsj0ns Wrote:  "One big reason for the disparity is that housing costs, which have continued to outpace core inflation as a whole, account for 43% of the core CPI basket but less than 18% of core PCE outlays."

This is exactly why there are polls out there that show millennials and especially Gen Z think the economy is deplorable despite all of this fluff you posted. If you owned a home prior to 2020 and have a hefty stock portfolio this economy is pretty awesome. Even with the rise in prices overall your assets have massively appreciated and you are doing pretty good. If you don't own those assets you are looking at a nightmare economic situation.

Yes. My company seriously increased my compensation in order to keep me around as inflation got so out of whack. Most of the young and working poor arent seeing that under Biden*.

My house and property has seriously increased in value due to inflation. Poeple who dont own arent able to realize those gains.

And to add insult to injury, if Biden* were to somehow get re-elected and not extend the Trump tax cuts, you and Tom will be paying for my $4k-$6k reduction in federal taxes.

At least you recently have seemed to start figuring it out. Tom still has his head planted way up his ass.

I didn't recently figure this out, it was the obvious reality the whole time that I've been living and I'm one of the way more well off ones of my generation. My compensation has doubled since the start of the Biden administration, but that would have happened whether Biden or Trump was president that was just advancement and experience in my career coming into my mid and now late 30's.

Rent here in Raleigh NC is just silly, and if I were making what we paid the entry level accountant who had just graduated college I hired in 2023 I absolutely know the only option for a living situation would be with my parents or with like at least 3 roommates. We hired her for basically the exact same pay that I got my first accounting job back in 2010, which was not an amazing time to be entering the job market with no experience.

I can remember the struggle that was, and you could rent a 2 bedroom apartment back then for several hundred less a month than a 1 bedroom costs now. My friend and I lived in a 2 bedroom in Raleigh for under 900 a month, you can not find a 1 bedroom in the hood for that now. I legit don't know how someone in their early 20's would get by now. I completely understand how they would look at this economic situation, and specifically the housing/rental situation, and just feel like it's completely hopeless until their parents die as morbid as that sounds.

Quote:On Tuesday, the Federal Reserve chair had inched the central bank closer to cutting rates. He struck a similar tone Wednesday, saying the job wasn't done on inflation but that the Fed needed to be more mindful of the labor market.

Up next, traders will get a fresh look at inflation when the consumer-price index for June lands tomorrow morning. Economists expect the report to add to recent data showing inflation is easing.

Stock Market Today: S&P 500 Rises; Fed Chair Speaks With Congress

(07-10-2024 01:48 PM)olliebaba Wrote:  One question as I'm not the brightest bulb when it comes to finances: Can you use those "assets" to pay your rent, pay for food, get gasoline for your car so that you can go to your work, pay your utilities, etc, and etc?

The Demons brag that they're for the poor but how many really have any assets that can rise in value, especially in NYC where most everyone pays RENT for a studio apartment that is overpriced.

It's been awhile...and maybe never...since the "young and working poor" have seen great success with the economy and in markets. Regardless of president. It's just the price for being young and just starting your work career.

(07-10-2024 01:48 PM)olliebaba Wrote:  One question as I'm not the brightest bulb when it comes to finances: Can you use those "assets" to pay your rent, pay for food, get gasoline for your car so that you can go to your work, pay your utilities, etc, and etc?

The Demons brag that they're for the poor but how many really have any assets that can rise in value, especially in NYC where most everyone pays RENT for a studio apartment that is overpriced.

If you owned a house before 2020 you don't pay rent, which is the point I was making. You either don't have a mortgage at all or most likely have a mortgage locked in with a sub 4% interest rate that's probably cheaper than the rent of most 1 bedroom apartments right now.

If you owned a house prior to 2020 and have a healthy stock portfolio things are going pretty good for you. Your home value has skyrocketed, your stocks are crushing it, sure things are more expensive overall but your pay probably did go up enough to keep up with those costs since the largest expenditure your mortgage payment is locked in.

The Dem's long ago stopped actually being for the poor, not that the GOP became the party of the poor now there just is no party that even pretends to represent them.

(07-10-2024 01:57 PM)Redwingtom Wrote:  

(07-10-2024 01:48 PM)olliebaba Wrote:  One question as I'm not the brightest bulb when it comes to finances: Can you use those "assets" to pay your rent, pay for food, get gasoline for your car so that you can go to your work, pay your utilities, etc, and etc?

The Demons brag that they're for the poor but how many really have any assets that can rise in value, especially in NYC where most everyone pays RENT for a studio apartment that is overpriced.

It's been awhile...and maybe never...since the "young and working poor" have seen great success with the economy and in markets. Regardless of president. It's just the price for being young and just starting your work career.

LOL it ain't about "great success" it's about it being nightmarishly worse to be those people now than it was even just a few years ago. I legitimately have no idea how a young grad could get by making an entry level salary of 50k in Raleigh right now without living at home with your parents. Not like "oh it would be hard but you just need to struggle through it" but like I have no idea how you could even come up with a math equation where you make it work at all.

No, the Fed has not been on the verge of cutting interest rates since January. It's been exactly the opposite.

(07-10-2024 02:17 PM)VA49er Wrote:  No, the Fed has not been on the verge of cutting interest rates since January. It's be exactly the opposite.

Tommie Bois has to search hard for any kind of victory, even if he has to make it up. He learned that from his masters.

Thank you Fed!

The Fed isn’t cutting rates anytime soon. Not with the CPI climbing from 2.7 in May to 3.2 in June. I doubt we’ll see any rate cut anytime before the end of the year.

(07-10-2024 03:10 PM)CardinalJim Wrote:  The Fed isn’t cutting rates anytime soon. Not with the CPI climbing from 2.7 in May to 3.2 in June. I doubt we’ll see any rate cut anytime before the end of the year.

Careful what you prognosticate.....

The Fed is as "independent" as Tom is.... rest assured, a rate drop is in order juuuuust before the election.

(07-10-2024 01:59 PM)b0ndsj0ns Wrote:  

(07-10-2024 01:48 PM)olliebaba Wrote:  One question as I'm not the brightest bulb when it comes to finances: Can you use those "assets" to pay your rent, pay for food, get gasoline for your car so that you can go to your work, pay your utilities, etc, and etc?

The Demons brag that they're for the poor but how many really have any assets that can rise in value, especially in NYC where most everyone pays RENT for a studio apartment that is overpriced.

If you owned a house before 2020 you don't pay rent, which is the point I was making. You either don't have a mortgage at all or most likely have a mortgage locked in with a sub 4% interest rate that's probably cheaper than the rent of most 1 bedroom apartments right now.

If you owned a house prior to 2020 and have a healthy stock portfolio things are going pretty good for you. Your home value has skyrocketed, your stocks are crushing it, sure things are more expensive overall but your pay probably did go up enough to keep up with those costs since the largest expenditure your mortgage payment is locked in.

The Dem's long ago stopped actually being for the poor, not that the GOP became the party of the poor now there just is no party that even pretends to represent them.

Yep. I started a new career fairly recently (went from sales/marketing to data/IT), which means starting over salary wise and it ain’t fun. Granted, I get a good 401k match and a pension, so retirement looks good, but the here and now? Woof. And that’s without much debt. I can’t imagine those that have to pay off college loans making what I make.

The funny thing is, when I started my sales career (8-9 years ago) and was making peanuts, I used to think, if I could just get to “X” amount, I’d be great. Well, that amount is what I started at with this new career and it ain’t enough.

And your last point is spot on. Idk what the solution is, but I highly doubt either party will have much of a solution or actually care (though they say they will).

(07-10-2024 03:13 PM)Eldonabe Wrote:  

(07-10-2024 03:10 PM)CardinalJim Wrote:  The Fed isn’t cutting rates anytime soon. Not with the CPI climbing from 2.7 in May to 3.2 in June. I doubt we’ll see any rate cut anytime before the end of the year.

Careful what you prognosticate.....

The Fed is as "independent" as Tom is.... rest assured, a rate drop is in order juuuuust before the election.

You’re probably right. They’re getting desperate. They should after what they’ve done.

This administration has already managed to get Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates to work together to possibly devalue the dollar.

Then for good measure they have managed to drive Russia and China into each other’s arms.

After the first 3 years 6 months and whatever number of days of this clown show in DC, nothing they did would surprise me.

Expect more of it. Looks like we got a new administration on the way.

(07-10-2024 03:13 PM)Eldonabe Wrote:  

(07-10-2024 03:10 PM)CardinalJim Wrote:  The Fed isn’t cutting rates anytime soon. Not with the CPI climbing from 2.7 in May to 3.2 in June. I doubt we’ll see any rate cut anytime before the end of the year.

Careful what you prognosticate.....

The Fed is as "independent" as Tom is.... rest assured, a rate drop is in order juuuuust before the election.

It's already being discussed on news channels.

(07-10-2024 02:16 PM)b0ndsj0ns Wrote:  I legitimately have no idea how a young grad could get by making an entry level salary of 50k in Raleigh right now without living at home with your parents. Not like "oh it would be hard but you just need to struggle through it" but like I have no idea how you could even come up with a math equation where you make it work at all.

It's called a long commute and a little car with good gas mileage. Why do you have to live in Raleigh? I've worked with a lot of people who have hour commutes over the years. Most of the guys on one of my past construction projects drove at least an hour, some from rural parts of Kentucky to middle Tennessee. You either figure out ways to overcome hardships or you don't. Be a man or a whiny *****. It's your choice at the end of the day. I bet you have all sorts of unnecessary luxury items and subscriptions.

(07-10-2024 02:16 PM)b0ndsj0ns Wrote:  

(07-10-2024 01:57 PM)Redwingtom Wrote:  

(07-10-2024 01:48 PM)olliebaba Wrote:  One question as I'm not the brightest bulb when it comes to finances: Can you use those "assets" to pay your rent, pay for food, get gasoline for your car so that you can go to your work, pay your utilities, etc, and etc?

The Demons brag that they're for the poor but how many really have any assets that can rise in value, especially in NYC where most everyone pays RENT for a studio apartment that is overpriced.

It's been awhile...and maybe never...since the "young and working poor" have seen great success with the economy and in markets. Regardless of president. It's just the price for being young and just starting your work career.

LOL it ain't about "great success" it's about it being nightmarishly worse to be those people now than it was even just a few years ago. I legitimately have no idea how a young grad could get by making an entry level salary of 50k in Raleigh right now without living at home with your parents. Not like "oh it would be hard but you just need to struggle through it" but like I have no idea how you could even come up with a math equation where you make it work at all.

Share a one bedroom and don't own a car?