通胀数据符合预期，美联储获喘息空间

INFLATION PRINT IN LINE WITH EXPECTATIONS. 30 MINUTES UNTIL THE START OF TRADING. VONNIE: DAVID GURA AND VONNIE QUINN ARE OFF TODAY. BLOOMBERG OPEN INTEREST STARTS RIGHT NOW. DAVID: A TAME INFLATION REPORT GIVES THE FEDERAL RESERVE SOME BREATHING ROOM ON RATES. VONNIE: UPBEAT EARNINGS FROM COREWEAVE AND SUPER MICRO REIGNITING THE A TRADE. DAVID: PRESIDENT TRUMP ONCE AGAIN RE-ESCALATES HIS RHETORIC OVER THIS WRITER FOR MOST.

VONNIE: LET'S LOOK AT THOSE STOCKS TOO MUCH TODAY. NVIDIA AND ALL OF THE RELATED COMPANIES. SUPER MICRO AND COREWEAVE GRACE IN THEIR OUTLOOKS AS DEMAND FOR AI INFRASTRUCTURE PRODUCTS SHOWS NO SIGNS OF LETTING UP. IT IS POTENTIALLY ALLEVIATING FEARS AROUND CIRCULATING FINANCING FROM THE $500 BILLION FUND RAISE PLAN BY NVIDIA WITH MAJOR WALL STREET PLAYERS. DAVID: WE LOOK AT THE HEALTH OF THE CONSUMER CONFIDENCE QUARTERLY SALES TOPPED ESTIMATES.

CAVA CUSTOMERS ARE SPENDING MORE ON PREMIUM PROTEINS AND ADD-ONS THAN EXPECTED. THOSE SHARES UP AT THE PREMARKET 17%. VONNIE: WE ARE A HALF-HOUR AFTER THAT CPI REPORT THAT WILL KILL THE READ ON SOME INFLATION DATA. WE HAVE MICHAEL MCKEE WITH US. IS IT FAIR TO SAY A FAIRLY BENIGN REPORT? IS IT LIKELY TO CHANGE ANY HAWKISH MINDS? MICHAEL: I DON'T THINK IT WILL CHANGE ANYBODY'S MIND EITHER WAY. IT IS A FAIRLY BENIGN REPORT.

I DON'T EVEN KNOW WHY I'M HERE BECAUSE IT IS EXACTLY BANG ON WITH WHAT ECONOMIST ANTICIPATED. THE YEAR OVER YEAR NUMBER DROPS TO 3.4%. .2% FOR THE CORE. THOSE ARE DECLINES, SO THAT IS GOOD NEWS. A BIT OF DISINFLATION. WHEN YOU LOOK AT WHAT IS UNDER THE HOOD IN TERMS OF WHAT MOVED, WE DID SEE PRICES STILL RISING. GASOLINE PRICES DOWN 2.9%, NO SURPRISE WITH THE COURSE OF THE WAR. CORE GOODS AND SURFACE IS BOTH UP 0.2%.

AIRFARES UP 2.2%. USED CARS UP .4%. COMPUTERS UP 3.5%. MAYBE THERE IS AN AI EFFECT. WHAT IT TELLS YOU IS WE ARE LOOKING AT, IF ANYTHING, VERY SLOW DISINFLATION TREND. WE ARE SORT OF BACK TO WHERE WE WERE BEFORE THE WAR STARTED, BUT THAT WILL NOT BE GOOD ENOUGH FOR THE HAWKS IN THE FED WHO WERE UPSET AT THAT POINT THAT INFLATION WAS NOT FURTHER DOWN. THIS CHART, THIS COMPARES THE LEVEL WITH THE MONTHLY CHANGES. THE ECONOMISTS AND THE FED TO LOOKING AT THE BLUE LINE, THE MONTHLY CHANGES, AND AMERICANS ARE LOOKING AT THE WHITE LINE.

YOU CAN SEE WHAT HAPPENED. THAT IS OVER THE LAST FIVE YEARS SINCE WE HAVE THE FIRST INFLATION INCREASES UNDER JOE BIDEN, AND THEY HAVE CONTINUED UNDER DONALD TRUMP. THAT IS WHY AMERICANS ARE UPSET, BECAUSE THE LEVEL DOES NOT GO DOWN AND IT WENT UP SHARPLY AND THEY ARE STILL SEEING PRICES AT THOSE LEVELS. DAVID: LET US DOWN 16%. MAYBE BECAUSE OF THE CYCLOSPORA OUTBREAK? LESS DEMAND FOR LETTUCE. MICHAEL: THE ADMINISTRATION CAN TAKE SOME CREDIT IF YOU WANT TO FUDGE, LAST MONTH EGGS WERE DOWN .5%.

DAVID: THE WAY FED POLICYMAKERS ARE LOOKING AT THIS, JACKSON HOLE AT THE NEXT MEETING IN SEPTEMBER, THIS IS ONE PIECE OF THE JIGSAW PUZZLE. MICHAEL: MORE PIECES TO COME. WE GET THE PCE FOR THE MONTH OF JULY AT THE END OF AUGUST. THAT SHOULD PROBABLY RISE A BIT, UNLIKE CPI, BECAUSE OF SOME OF THE CATEGORIES THAT COME FROM CPI INTO THE PC LIKE AIRFARES -- INTO THE PCE LIKE AIRFARES WERE HIGHER. THEN WE GET ANOTHER CPI, ANOTHER PPI BEFORE THE JUMPS REPORT.

DAVID: WE ARE GLAD TO HAVE YOU HERE EVEN IF THE NUMBERS WERE IN LINE WITH EXPECTATIONS. COREWEAVE'S UPBEAT OUTLOOK LEAVING THE AI TRADE -- LEADING THE AI TRAIN THIS MORNING. WE WERE TALKING ABOUT THIS COMPANY'S PROBLEMS WITH QUARTERLY EARNINGS. IT WAS A DIFFERENT STORY YESTERDAY. ED: IT IS NOT JUST THIS BEAT IN THE QUARTER GONE, OR EVEN THE FORWARD-LOOKING DATA, IT ESSENTIALLY EVIDENCE THAT THE AI INFRASTRUCTURE BUILDOUT IS ACCELERATING RATHER THAN COOLING. $25 MILLION IN NEW COMMITMENTS GOING INTO THIS QUARTER.

VERY SIMPLY, COREWEAVE IS IN THE SAME ENVIRONMENT EVERYONE ELSE IS WHERE DEMAND IS OUTPACING ITS ABILITY TO SUPPLY. TYPICALLY THAT IS AN ENVIABLE POSITION. QUARTER REVENUE MORE THAN DOUBLED YEAR ON YEAR. SLIGHTLY ABOVE CONSENSUS. IF YOU LOOK AT THE GUIDE FOR THE CURRENT PERIOD, SALES OF $3.6 BILLION. LOTS OF SIGNS THAT THEY HAVE MOMENTUM AND AND THEY ARE EXECUTING ON IT. YOU ARE RIGHT THE FLAG HISTORICALLY QUARTERLY EARNINGS CAN BE DISAPPOINTING.

COREWEAVE, YOU HAVE NOT DONE A GOOD JOB OF TAKING THAT DEMAND AND MOVING TO MEET IT. VONNIE: IS THIS A PARTICULAR STORY TO COREWEAVE THAT ITS FUNDAMENTALS ARE STRENGTHENING? ED: SOME OF THE OTHER NEO-CLOUDS, BUT NEO-CLOUD IS JUST DATA CENTER OR CAPACITY DEDICATED TO AI. THOSE OPERATORS SEEM TO BE HAVING SIMILAR SUCCESS. YOU SAID AT THE TOP OF THE PROGRAM NVIDIA PUSHING HIGHER. THE THING COREWEAVE HAS IN COMMON WITH THOSE OTHER NEO-CLOUDS, OR A SUPER MICRO ON THE SUPPLY CHAIN SIDE, IS THEY ALL HOUSE NVIDIA GPU'S INSIDE THEIR GEAR.

VONNIE: ED LUDLOW, THANK YOU SO MUCH. LET'S DISCUSS HOW THE INFLATION PRINT AND AI EARNINGS ARE IMPACTING MARKET MOMENTUM WITH A BLOOMBERG MACRO STRATEGIST. IT FEELS LIKE EQUITIES WERE GOING TO DO THEIR THING ONE WAY OR THE OTHER WITH POLICE STOCKS POWERING HIGHER JUST OFF SUPER MICRO AND COREWEAVE.

A CONTINUATION THAT THE AI TRADE IS GETTING RENEWED MOMENTUM AFTER THE SELLOFF IN JULY. EVERYTHING SEEMS TO BE LINING UP AS FAR AS THE WHOLE STACK. THERE IS NOT ANY WEAKNESS. YOU ARE GETTING A LOT OF COMMENTARY SAYING WE HAVE BEEN SEARCHING FROM ANALYSTS TO STRATEGISTS FOR ANY WEAKNESS IN ON THE GROUND REPORTING, AND NONE OF IT IS SHOWING UP. A LOT OF PEOPLE GOT UNDEREXPOSED. A LOT OF PEOPLE DELEVERAGED AND NOW ARE RUSHING BACK IN.

YOU SEE THAT IN THE OPTIONS MARKETS NOW. DAVID: IT'S BEEN ABOUT 36 HOURS SINCE WE GOT NEWS OF THAT NVIDIA FINANCING DEAL. I WONDER HOW YOU THINK ABOUT IT IN A BROADER SENSE. THERE WERE SO MANY QUESTIONS AT THE BEGINNING. HOW ARE YOU THINKING? MICHAEL: I THINK IT IS POSITIVE. WE ALL HAVE OUR CONCERNS WITH THIS YORKIE HILARITY -- WITH THE CIRCULARITY. THE CONCENTRATION OF CASH FLOW INTO JUST A FEW NAMES IS A PROBLEM FOR THE OVERALL PIE TO GROW FAST ENOUGH.

THE ACTUAL FINANCING CONSTRAINTS ARE ALLEVIATED TO MORE, SO I THINK IT IS POSITIVE. I AM DUBIOUS BECAUSE WE WILL SEE HOW THIS PLAYS OUT, BUT IT IS ANOTHER WAY OF EXPANDING THE FINANCING AVENUES. THAT IS WHAT WE WANT TO SEE, BECAUSE EVERY QUARTER WE GET THESE NUMBERS GROWING. WE KNOW CAPACITY IS MORE CONSTRAINED THAN PRIOR. WE NEED TO MAKE SURE THIS STRAW BECOMES A PIPELINE. VONNIE: I AM MESMERIZED BY THE AMOUNT OF CHARTS YOU HAVE ON YOUR BLOOMBERG TERMINALS, AT LEAST 18.

GOING INTO THIS INFLATION PRINT WE HAD YIELDS GOING HIGHER. 64 ON THE 10 YEAR. WE HAVE NOT REALLY MOVED. DO WE CONTINUE TO GRIND HIGHER? MICHAEL: I THINK THIS WAS IN LINE. THAT IS TAKING THE PRESSURE OFF. WE SEE THE WEAKER DOLLAR, YIELDS FALLING AND EQUITIES TAKING A RELIEF, BUT WE ARE STILL WATCHING OIL. VERY UNSETTLED IN THE MIDDLE EAST. TGE -- THE VOL COMPONENT OF THAT HAS COME OFF. THAT RATE OF CHANGE REALLY SPOOKED THE REAL MARKET.

ALTHOUGH THE SITUATION HAS NOT BY ANY MEANS BEEN CLARIFIED, IT IS AT LEAST CALMING THE RISK SENTIMENT ACROSS ASSETS. WE GO BACK TO WATCHING OIL FOR A WHILE UNTIL JACKSON HOLE WHERE WE WILL WATCH FOR WARSH TO CLARIFY HIS REACTION FUNCTION. VONNIE: IF HE DOES. THANK YOU SO MUCH. OUR GUEST WILL BE CRUCIAL AS WELL. LET'S TAKE A LOOK AT THOSE MARKETS. MICHAEL MENTIONED OIL. IT HAS BEEN WAVERING ALL DAY ON VARIOUS HEADLINES.

BRENT BELOW $89 A BARREL. WTI AT $83. EVERYTHING AI RELATED RAILING TODAY OFF RESULTS. NASDAQ 100 FUTURES GAINING .1%. THAT 10 YEAR YIELD GOING NOWHERE AFTER THE INFLATION DATA. 464.96. LET'S GET A LOOK AT OTHER MOVERS ON OUR RADAR.

HOME DEPOT'S CEO IS TAKING A TEMPORARY MEDICAL LEAVE OF ABSENCE. HE HAD BEEN IN THE ROLE SINCE 202010. THE STOCK IS DOWN SLIGHTLY AS TRADERS ABSORB THE NEWS. GOLDMAN SACHS WILL BUY AN ETF PROVIDER IN A $2.3 BILLION DEAL, ITS LATEST MOVE AS ITS AMPS UP ITS PUSH INTO THE ETF UNIVERSE, BOOSTING ITS ASSETS TO A WHOPPING $130 BILLION. STOCK UP IN PREMARKET'S. FROM WALL STREET TO MAIN STREET, CONSUMERS ARE HUNTING FOR BARGAINS.

CHILI'S IS CASHING IN. ITS OWN A STEADY SALES GROWTH AS ITS VAL