On the interior, a fabric twenty dollar bill is printed permanently inside so the owner always has money.
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Interactive Advisors
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Amazon’s Prime Day sales event propelled ecommerce sales up 1.9%, while strong retail sales across the economy, led by sportswear, restaurants, and apparel, rose 0.7% month-over-month and 3.2% year-over-year.
A stronger-than-expected jobs report initially sparked a rally midweek, but the momentum quickly faded. Stocks then came under pressure as AI disruption fears spread across several industry groups.
Slower growth and interest rate cuts pressure bank profit margins
The Fed’s new mantra is to look at the totality of upcoming economic data releases to determine if their job is done, but even if there are no new rate hikes, rates need to remain in this restrictive territory for the foreseeable future.