Inflation Falls, Record Bank Profits & ProShares' Simeon Hyman on SpaceX

Inflation finally delivered the kind of number investors had been waiting years to see—only for the relief to start unraveling before the month was even over. The consumer price index posted its largest monthly decline since April 2020, Wall Street's biggest banks reported the most profitable quarter in their history, and OpenAI offered the U.S. government a $42.5 billion equity stake to buy political goodwill. Meanwhile, ProShares' Simeon Hyman joined the show to break down SpaceX's business lines and what the new SPCF ETF means for investors trying to get leveraged exposure to the company.

Inflation's Brief Reprieve

The Bureau of Labor Statistics dropped what host Austin Hankwitz called "the most important data point of the summer" on Tuesday morning, and it beat every expectation. The consumer price index fell 40 basis points in June—the biggest monthly decline since April 2020—bringing the annual inflation rate to 3.5%, well below May's 4.2% and the 3.8% Wall Street consensus. Core CPI, which strips out food and energy, was flat on the month, putting the 12-month rate at 2.6%, down from 2.9% in May. The energy index fell 5.7%, its largest monthly drop in over six years, driven largely by the U.S.-Iran ceasefire signed in mid-June that sent oil prices down roughly 25% over the following month. Gasoline prices fell 9%, and fuel oil dropped more than 9%.