🇺🇸 NFIB: Small Business Update

(1) Small Business Conditions, Earnings, and Sales
(2) Small Business Employment Indexes
(3) Small Business Price Indexes

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🇺🇸 It’s July CPI Day.

Headline CPI came in low & steady at 2.7% (consensus forecast was 2.8%) year-over-year.

Month-over-month was right on target at 0.2%.

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🇺🇸 Now for Core CPI…

MoM core inflation came in at the consensus of 0.2%, up from 0.3% in June.

YoY was very slightly hot, registering a 3.1% instead of 3% even. This is up from 2.9% in June.

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🇺🇸 Southern economics has been booming since the lockdowns…

It’s been the fastest growing region in terms of population & GDP, supplanting the West.

Real per capita income is up 80% since 1990 (in 2017 dollars).

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🇺🇸 The Russell 2000 ETF had its 3rd best day of the year, rising 3%.

Hedge funds & other large speculators are even more short than they were 3 weeks ago (despite that healthy dip on the 1st).

Commercials are almost record long; you know how this ends. $IWM is still 7.35% off its all-time high.

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🇺🇸 Wheat is back to 5 year lows, and corn is not far behind.

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🇺🇸 The Magnificent 7 are pushing $20 trillion in collective market cap—a 34% share of the S&P 500.

Nvidia (up 264% since December 2023) leads with almost $4.5 trillion, while Tesla (35%) brings up the rear at just over $1 trillion. Apple’s only up 14% since then, but their market cap is third largest.

$NVDA $META $AMZN $GOOGL $MSFT $TSLA $AAPL

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