The Stock Market Is Betting on Big Tech and Rate Cuts, Not the Economy

Digging deeper into the July numbers, investors are also finding some evidence of stagflation risks in the world’s biggest economy that could test the market’s impressive rally heading into the autumn months. Core consumer price pressures, which strip out volatile components like food and energy, rose at an annual pace of 3.1% last month, the quickest since February, according to data from the Bureau of Labor Statistics. “Those looking for a meaningful influence on consumer prices from tariffs in July were largely chasing shadows,” Jason Pride, chief of investment strategy and research at Glenmede, said about the July CPI report.

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