Vice President Kamala Harris has surpassed former President Donald Trump in voter trust regarding economic issues, according to a new poll. While inflation remains a key concern, Harris’s perceived competence on the economy could be a factor in the upcoming election. However, Trump still enjoys a lead on specific issues like trade relations with China.
U.S. stocks climbed higher on Thursday, with the Dow Jones index gaining over 500 points driven by strong retail sales figures. The positive sentiment was also reflected in European and Asian markets, although with some variations. This report provides a detailed overview of the day’s market performance, highlighting key movers and economic indicators.
US stocks are projected to open higher on Thursday, aiming for a sixth consecutive winning session. The market’s direction will hinge on a series of crucial economic data releases including job market, consumer spending, and manufacturing reports, as well as retail earnings. These indicators are particularly relevant for gauging the health of the economy and consumer spending amidst easing inflation.
Economist Claudia Sahm, creator of the Sahm Rule, has defended her economic indicator amidst growing criticism. Despite some experts claiming it’s been taken out of context, Sahm maintains its importance in understanding the U.S. labor market and guiding Federal Reserve policy. The debate highlights the difficulty in interpreting economic data and forecasting recessions.
Walmart’s second-quarter earnings report, expected today, is anticipated to offer valuable insights into consumer spending trends amidst a backdrop of slowing economic growth. Analysts expect Walmart to report strong results, reflecting a stable consumer environment despite concerns around declining consumer demand from other major retailers like Amazon and Airbnb.
China’s aviation industry is booming, with passenger flights expected to reach a record 700 million in 2024, surpassing pre-pandemic levels. This surge is fueled by strong domestic travel and increased international demand, particularly for flights to and from destinations associated with the Paris Olympic Games.
Britain’s inflation rate rose in July, driven by rising energy prices, pushing it back above the Bank of England’s 2% target. This development could potentially delay further interest rate cuts by the BoE, as analysts remain cautious about persistent price pressures.
Kevin O’Leary, chairman of O’Leary Ventures, shares his insights on inflation, the economy, the upcoming election, and his admiration for Elon Musk. He discusses the persistence of inflation, the challenges facing the Federal Reserve, and the potential for growth in the market. He also emphasizes the importance of policy clarity and calls for more Elon Musk-like figures in government.
Republicans are criticizing Vice President Kamala Harris for her handling of issues like the border crisis, the economy, and crime during her time as Vice President. They argue that she could address these issues in her current capacity but has failed to do so. Meanwhile, Harris has made promises of what her administration would do if she becomes president, including strengthening border security, fighting for the middle class, and passing gun reform.
Consumer prices are expected to have risen just 0.2% from June to July, according to economists, suggesting that inflation is continuing to cool. The Federal Reserve is now considering lowering its key interest rate, with economists predicting the first cut in mid-September. However, the Fed is still closely monitoring the job market, which saw a slowdown in hiring and a rise in unemployment in July. Despite this, most analysts expect at least three interest rate cuts this year.
