The Exchange

Kelly explains what the negative June CPI number means for the Fed’s next move.

Are we at an inflection point for the consumer? They’re choosing more carefully where to spend, which is not at Helen of Troy, as we learned yesterday. That company lost nearly 30% of its market value following earnings. Consumers are pushing back on big brands and high prices, which is leading them to Walmart, whose record highs might even suggest more weakness. This comes as Jay Powell today said going slower may allow the Fed to go farther, but according to our strategist, the Fed has to cut this year to keep the consumer, and small companies afloat. He’s here with where he’s trimming and what he’s adding to against this backdrop. But the consumer is still traveling, and Wyndham Hotels & Resorts is betting on that to continue, and betting on guests to stay longer. The CEO joins us like ahead with what he’s seeing. And then there’s housing. If you’re not buying a home because it’s too expensive right now, you can still buy into the housing trade, and we have a unique way to do it. 

Fed Chair Jay Powell is warning of the risks of staying too high for too long, but our market guest is warning of a different risk, one he says Wall Street has its head in the sand on.He’s here to tell us what it is and how he’s positioning as a result. Plus, analysts are loving this recent IPO, with eight of them initiating coverage on the stock today. The one with the highest price target is here to make his case for a 60% upside from here. And if you think of top media and entertainment stocks, this one may not be top of mind, but it should be says Morgan Stanley’s Ben Swinburne. He’s here with the name, what makes it superior to the competition, and how much runway he sees ahead.

Kelly connects the dots between France’s elections and the 2024 presidential election.

Wall Street’s #1 semiconductors analyst joins us with the power players he sees dominating the industry going forward. Plus, it’s a big week for the markets with Powell’s testimony and inflation data on deck. We’ll check in with Raymond James’ CIO about why he says the rally is nowhere near the top. And between France, the U.K., and the U.S., there’s plenty of uncertainty for the market to digest. We’ll ask Atlantic Council CEO Fred Kempe how he sees things playing out this year.

Kelly explains why AI is really driving the economy right now.

The June jobs report paints a muddy picture, but does it mean the Fed is finally ready to cut? We’ll discuss. And the U.K. has a new leader, with the Labour party winning the election in a landslide. We’ll look at the ramifications for business. And the CEO of Barnes & Noble joins us with how they’re keeping up with the latest trends, including e-readers and “BookTok”.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Stocks are mixed on the first trading day of the second half. The major averages have posted a monthly gain in July every year for the past decade. And our strategist just hiked his year-end S&P target to, 5,700 today. He’ll tell us where he’s putting money to work. And today’s manufacturing data showing a jobs divide. S&P Global reporting the fastest increase in employment in nearly two years. While ISM saw a drop in its index. With Goldman Sachs noting potential for slight upside risk to the unemployment rate ahead of Friday’s report, is the Fed’s focus about to shift away from inflation and to jobs? We’ll discuss. Plus, the Supreme Court handing down a decision in former President Trump’s election interference case stemming from January 6th, ruling a president has immunity for all “official” acts, but there’s no immunity for “unofficial” acts. Markets taking it as a positive for his election odds, with the yield curve steepening. We’ll dig into it.  

We’ll break down a seismic decision by the nation’s top court, impacting everything the government does. Plus, the latest inflation report came in as expected, but what does it mean for the markets and the Fed. We’ve got a power-packed panel to look at how to position. And Nike is having its worst day ever after weak results and guidance. We’ll ask our analyst what it’ll take to right the ship.