Ark Invest CEO and popular money manager Cathie Wood said on Wednesday that latest used car price data indicate sales have peaked and that prices will come down as deflation plays a bigger role in the coming days.
These days, monthly inflation reports carry almost as much weight in the market as monthly job reports. Today’s consumer price index for July came in around expectations, meaning the impact on Wall Street might not be too heavy.
Employment rose by almost 950,000 jobs in July and the unemployment rate dropped by 0.5%, according to Friday's Bureau of Labor Statistics report.
That leaves the unemployment rate at 5.4%, the lowest it's been since the pandemic began in America in March 2020.