Good afternoon and welcome to Markets Desk.
Equities are mixed in today's session as rising crude oil prices and climbing bond yields weigh on rate-sensitive tech. The S&P five hundred is off fractionally, the Nasdaq one hundred down nearly half a percent, while the Dow is holding a slim gain. Higher yields are doing what they always do — pulling capital away from growth names and compressing multiples across the board.
On the policy front, the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures index, is undergoing a methodological overhaul — and the timing could not be more consequential. With Fed officials actively debating whether to resume rate hikes this fall, a revised PCE reading could shift the calculus meaningfully in either direction, adding fresh uncertainty to an already divided central bank.
Meanwhile, the billionaire migration to Miami is accelerating. Google's parent company Alphabet has quadrupled its South Florida office footprint, and the company's cofounders are purchasing waterfront mansions as California's proposed wealth tax pushes high-net-worth individuals toward more tax-friendly ground. The commercial real estate implications for both coasts are significant and worth watching closely.
That's the tape. Markets Desk, signing off the floor.
