The Fed’s key inflation measure, the Personal Consumption Expenditures (PCE) Index, rose 0.2% in July from the previous month
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2023-09-01 | Sign Up | View Online | Advertise
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S&P 500 4,507.66 -0.16%
Nasdaq 14,034.97 +0.11%
Dow 34,721.91 -0.48%
10-Year 4.106% -0.012%
Oil 83.58 +2.39%
Gold 1,966.50 -0.33%

*All data as of the previous day’s market close.

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Markets & Economy
Key inflation measures stayed high in July and consumers are still spending (2 min read)

The Fed’s key inflation measure, the Personal Consumption Expenditures (PCE) Index, rose 0.2% in July from the previous month and 3.3% from a year ago. The core PCE, which strips out volatile food and energy, also rose 0.2% for the month but 4.2% for the year. These number matches what most economists expected and implied that inflation remains sticky as Fed Chairman Jerome Powell had pointed out previously. Despite prices staying high, data shows that consumer spending continued to go up in July, jumping 0.8% from the last month.
India's economy grew at the fastest pace in a year last quarter (2 min read)

India's economy grew 7.8% in the second quarter, its fastest rate in a year driven by strong services and demand. This growth surpasses expectations and China's rebound which many had high hopes for. Despite the policy tightening in the country, India remains one of the fastest-growing economies. Most of the growth was from the service and construction sectors as global companies shifted production to India. Although India's overall economic outlook is positive, challenges still persist like unstable inflation, interest rates, and global demand.
Business & Stocks
UBS posted the largest quarterly profit ever in the bank history (4 min read)

UBS reported a huge profit of nearly $29 billion in the second quarter due to its emergency buyout of its rival Credit Suisse in March for pennies on the dollar. This is the largest profit in the bank's history ever and it sent UBS stock to the highest since 2008. The company had been working to make the merger successful over the past months and has now completed integrating Credit Suisse’s banking units into its own business. Despite the large windfall from the buyout, the business integration will likely result in about 3000 layoffs in the coming year.
Dollar General shares tumble after it cuts forecasts, blaming a spending slump and theft (3 min read)

The US discount store, Dollar General, has cut its sales and profit outlook for the year due to weaker consumer spending and increased thefts. The company blames lower sales on Americans pulling back on shopping due to high inflation, but this contradicts the report released on the same day showing consumer spending continued to increase last month. In-store thefts were also eating into its profits, which remains a recent challenge across the retail industry. The news and outlook led to its stock tumbling over 14% on Thursday.
Funds & ETFs
Why Investors Should Focus on High Cash Flow ETFs (1 min read)

In the face of inflation and potential economic slowdown, cash-rich companies are becoming more appealing. Warren Buffett emphasizes the importance of free cash flow, what's left after all expenses. Companies with excess cash can pay off debts, give dividends, or reinvest. Free cash flow ETFs like Pacer's COWZ, VictoryShares' VFLO, Global X's FLOW, and First Trust's FCFY focus on such companies. This article suggests that these ETFs are worth considering as an allocation given the potential for growth amid the market uncertainty.
5 Sector ETFs That Outperformed in Turbulent August (4 min read)

Despite the shaky markets in August, a few sectors have performed well, with their ETFs leading the pack. These include Sprott Junior Uranium Miners ETF (URNJ), capitalizing on rising interest in nuclear power; Simplify Interest Rate Hedge ETF (PFIX), designed to hedge against rate increases; Invesco Dynamic Energy Exploration & Production ETF (PXE), benefiting from rebounding oil prices; iShares U.S. Pharmaceuticals ETF (IHE), boosted by strong earnings; and SPDR S&P Telecom ETF (XTL), fueled by AI technology advancements.
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