All right, let's bring in Mike Wilson. He is chief chief investment officer and chief US equity strategist for Morgan Stanley. And and Mike, just on these points, you're not worried about inflation, at least in regards to what it means for the markets. >> Well, that's right. And I mean, we're just going through all these numbers. It's like, you know, alphabet soup, all these different measures of inflation. And so what we do as equity strategists and investors is we look at earnings. Earnings, you know, tel ...

Economic Indicators - Personal income rebounded, increasing by 0.3%, surpassing expectations, a notable improvement from the previous month's decline of 0.4% [1][2] - Personal spending rose by 0.3%, slightly below expectations, but reversing a previous decline [2] - Real spending, adjusted for inflation, increased by 0.1%, aligning with expectations [2] Inflation Analysis (PCE) - Month-over-month PCE increased by 0.3%, slightly warmer than previous months, but not the highest reading of the year [3] - Year-over-year PCE increased by 2.8%, the highest reading of the year, equaling March 2024 levels [4] - Core month-over-month PCE increased by 0.3%, the warmest since February [4] - Year-over-year core PCE increased by 2.8%, also warmer than expected and the warmest since February [5] Employment Data - The Employment Cost Index (ECI) for the second quarter increased by 0.9%, slightly above expectations [5] - Initial jobless claims were reported at 218,000, lower than expected [6] - Continuing claims remained above 1.9 million, specifically 1,946,000 [6] Market Reaction - Despite slightly hotter PCE numbers, the market did not climb aggressively [7] - The 10-year Treasury yield increased by approximately one basis point to 4.34%, but remained down almost three basis points for the session [7]

Stock Performance - Amazon's stock is up approximately 45% year-to-date, positioning it in the middle of the "Magnificent Seven" but underperforming both the NASDAQ and S&P 500 [1] - Apple's stock is down nearly 2% since its last earnings report [1] AWS Performance - Analysts anticipate AWS to grow by about 17% this quarter, while also demonstrating signs of reacceleration in the latter half of the year [2] - AWS missed revenue estimates for the third consecutive quarter in Q1 [2] Investment and Capex - Capex is projected to exceed 100 billion this year, with approximately 74 billion allocated to cloud infrastructure and in-house chips [3] - Amazon is strengthening its ties with Anthropic [3] Retail Performance - Analysts expect approximately 10% year-over-year growth in North America retail [4] - The online stores segment will provide insights into the current state of the US shopper [4]

A new bill uh aims to stop the Federal Reserve from paying banks uh interest on their reserves. In action, our next guest costs billions of dollars. Joining us now, Florida Senator Rick Scott, who introduced the legislation.It's so arcane, Senator, and and we've had this discussion. I don't know if if it's been had anywhere else on on TV. I'm not sure what it does for rating, uh obviously, but uh it it's mind-boggling.It's it's a definitely something that economist Judy Shelton has has talked to us about qu ...

today. Thanks. >> Good.Thank you. >> Okay. >> All right.Shares of Sanofi are lower this morning. The French pharmaceutical giant second quarter profits missed estimates but revenue topped expectations. The company is also raising its annual sales forecast on strong demand from its anti-inflammatory drug, Dupixent.That stock right now off by about 4%. Joining us right now to break it all down is Paul Hudson. He's Sanofi's CEO.And Paul, I have to say reading through the results, I was a little surprised to se ...

Financial Performance - Robinhood's net income more than doubled, and revenue jumped 45% year-over-year [1] - Customer satisfaction is high, with customers depositing more money and using more products on the platform [2] - Net promoter scores are at a four-year high, with strong net deposits [4] - Prediction markets have reached double-digit millions in run rate and are accelerating [12] - Prediction markets saw over 1 billion contracts in Q2 [12] Business Strategy & Focus - The company prioritizes improving its service and controlling costs [5] - Robinhood focuses on internal improvements rather than closely monitoring competitors [6] - The company aims to provide exposure to private companies, particularly in the AI sector [20] Market Trends & Opportunities - AI and electric car stocks are driving most of the trading volume, not meme stocks [14][16] - Crypto trading represents a double-digit percentage of the business [17] - Tokenization is expected to become the infrastructure layer behind real-world assets [19][21] - Prediction markets are growing rapidly, especially in sports and economic events [12][13]

All right, we're pleased uh to have joining us now uh for the latest on tariffs and trade on the eve of that August 1st uh trade uh deadline uh President Trump says Treasury Secretary Scott Bessant. Mr.. Secretary, always a pleasure to to see you and have you on the show. >> Morning, Joe. >> We heard yesterday uh after we saw the EU and and Japan, we heard actually that South Korea um just to to paraphrase, it might have been like, "What about us. we're here and um then before we know it, we hear from South ...

Why don't we put this in context. Uh, two descending votes. How big of a deal is that.>> Well, as you point out, it hasn't happened since 1993. But on the other hand, uh, both Bowman and Waller have been indicating that they wanted to have a cut at this meeting. And most importantly, if you go back to June, we already saw some schisms, some splits start to show up.So, I would say it's just playing out as has been signaled before. I wouldn't overstate it um because uh I think the vast majority of the committ ...

Microsoft's Performance & Outlook - Microsoft's cloud performance was a significant beat, with Azure growth potentially reaching 40% in the near term [1][2] - Microsoft Copilot has surpassed 100 million users [1] - Microsoft's overall growth came in at 39% [1] - Microsoft is exposed to secular trends, making it a core holding for many investors [2] - Microsoft's CFO, Amy Hood, has regained her momentum, effectively managing margins [3] Meta's Performance & AI Focus - Meta's revenue was a key highlight, driven by its advertising business [3][6] - Meta's Reality Labs experienced $4.5 billion in losses, viewed as a long-term investment [4] - Mark Zuckerberg is prioritizing AI, assembling an all-star AI team [5] - Meta's accelerating growth and AI investments are fueling conviction in the AI super investment cycle [5][6] - Meta anticipates talent acquisition to be its second-largest expense after AI infrastructure [7] AI & Competitive Pressure - The industry believes 2025 is a critical year for AI, with continued bullish capital expenditure commentary into 2026 [9] - Apple faces increased pressure to demonstrate its AI strategy and capabilities [10]

Market Trends & Investment Opportunities - Analysts are raising price targets for Microsoft (to $680) and Meta (to $875), indicating positive sentiment following strong earnings reports [1] - The tech sector is experiencing a generational shift driven by AI, impacting infrastructure and usage across various companies [5] - Investor excitement surrounds increased capital expenditure (capex) spending alongside positive earnings results in the tech sector [3] - Microsoft's Co-pilot has surpassed 100 million users, a significant milestone that alleviates prior investor skepticism [3] Company Performance & AI Impact - Microsoft's infrastructure spend is converting into tangible results, reflected in user behavior and AI adoption [2] - Meta's engagement levels are extraordinary given its user base scale [3] - AI tools development, exemplified by GitHub's resources dedicated to Co-pilot, highlights the interdependency within the tech sector [5] Market Dynamics & Potential Shifts - The performance of S&P equal weight index relative to the market cap weighted index suggests potential shifts within the broader market [6][7] - It remains uncertain whether market changes will manifest as a sector shift or an asset allocation shift [9] - Despite overall positive trends in tech, individual stock performance will vary, requiring attention to specific idiosyncratic stories [11]