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The shares are only going up. Stocks are flying for a month. Friends, Ed Yardini has raised his forecast for the S&P 500 for the end of the year. Ed currently holds the highest bar on Wall Street. Many stopped at the 8100 mark. Ed says, "Hold my beer." Ed thinks the S&P 500 will end 2026 at 8,400. Yes, 8,400—this will probably be the third or fourth year of double-digit market growth.
Again, earlier in the week, I think we were talking about Josh Brown, who analyzed earnings with and without the tech sector . And yes, Ed actually says 8400 because of the incredible earnings momentum, friends. There is madness going on there . The shares are only going up. Again, I'm just kidding.
But yes, more and more people are voicing goals at 8,000 or higher. So, yesterday we had the CPI report, today we had the PPI. We'll break down PPI in a minute, but I was wondering, where's the inflation? If you look at the last seven years, housing prices have increased by 35%. Egg prices have risen by as much as 76%.
Minced meat—81%. This is again inflation over the last seven years. Coffee, it hurts. I drink coffee several times a day, and it has increased in price by 123%. Used cars—by 22%, gasoline— by 43%, and, finally, housing prices. Housing prices have increased by as much as 60% over the past seven years.
Friends, if you are going to our event in Vegas, thank you for doing so. But I want to tell you some good news. No, I'll say it— great news. It looks like the team went out of their way to negotiate a hotel discount for you. I want to be very clear. I didn't do that. I didn't do anything. But Jen, Kenny, and Mark made an effort to get a discount at the Downtown Grand Hotel.
There is a group code. If you're in School, it's now in a pinned post. There are instructions on how to get a discount. And yesterday Joe told me that it saved him over $300. Friends. This is real money. So again , if you're going to the event, if you want to be among other ORAP participants, maybe for morning coffee or evening gatherings, you should stay at the Downtown Grand.
Again, save money and be around great people. Once again , the post is pinned to School. And if you're not a School member yet, it's worth joining for $20 and saving $ 300. I mean, seriously. It's like, what is this even? This is just crazy profit. So, I want to thank Jen, Kenny, and Mark for going above and beyond and getting the job done.
Frankly, they were n't even asked to do this, but they did it for you. These are the people in our community. So again , I think Jen deserves all the praise that Mark does. We'll show it on the screen. Jen is working hard again for all of us, for each and every one of you, and...it's just wonderful.
So wonderful. In any case, let's move on. Again, if you're coming to the event, stay at the "Grand", hang out with great people, and just have fun. It seems that rents in New York are not slowing down. Yes, Mayor Donny promised free rent. Rent freeze . Nonsense, says the market. Rent in Manhattan reached a record high of $6,655 .
Yes. How do you like " free" or " stable" rent? Madness. It seems we are still hearing speeches from Fed officials. Fed President Susan Collins, I think she's from Boston. I will support a rate hike in September if inflation remains high. If inflation remains high. Pay attention to this, because today we received PPI data.
Let's get to this. The PPI indicator turned out to be slightly better than expected. 4.7% year-on-year, unchanged month-on-month. It was better than expected. The base indicator in annual terms was 4.2%, and in the month - 0.2%. It's worth noting—I don't remember it being this long ago, but PPI was revised downwards.
Remember we talked about jobs? If memory serves, the data has been revised downward in 21 of the last 30 months. Just reviewed PPI. I can't remember the last time this happened. Last month, PPI was minus 0.3% . Now only minus 0.1%. So again—this is a move in the wrong direction, if you know what I mean .
If you delve into PPI, there is some useful information there. Services up by 0.2, goods down by 0.7. A big drop in energy—minus 3.1%, in particular gasoline fell by 5.7%. Also products, who would have thought? I have n't seen my groceries get cheaper, but apparently food prices have fallen by almost 1%, to 0.9%.
Weekly claims for aid were 209,000, an increase of 9,000, slightly above forecasts of 204,000. Again , nothing new in the weekly jobless claims data. We don't worry until it goes above 300. We've been in the range of a little over 200 for a long time, you know, somewhere below 230, maybe 18 months, I guess.
I remember there were a few jumps here and there, but nothing serious. Nothing lasted long. Glen Smith of GDS Wealth Management says: "Rates will remain unchanged until the end of the year." Many believe that the Fed will do nothing. I think I'll share my thoughts. My opinion hasn't changed. Frankly , I think a rate hike in September is warranted.
I think the Fed is trying to play to the public and threaten that several rate hikes are possible this year. I think this is madness. I haven't changed my mind since the beginning of the year when I said that the Fed would raise rates and that it would be a mistake. I still think so. I still believe the Fed will raise rates, and that would be a mistake.
I wish I thought differently. But at this moment I think so . This is what I feel. Much obviously depends on the situation in the Strait. The conflict is certainly still ongoing. I don't know if you heard, but apparently Iran is saying they don't give a damn about President Trump. We'll just wait for the next one .
It's two years later, right? About two and a half years later. Iran said, "Don't worry. We can wait." Yes, that's a long time. I don't think that will happen. We received some earnings reports. The world's largest shipping company , Maersk, beat expectations for revenue and profit, raising forecasts.
What else do we have? Cisco beat revenue and profit forecasts, although it provided weaker margin expectations. So, gross and net margins are falling slightly or contracting more than expected. Cerebras missed revenue and profit targets but slightly raised its forecast. Tapestry beat revenue and profit expectations and raised its dividend.
A new person has joined our school. Congratulations Melissa. Thank you, Melissa, for joining. Be sure to meet all the wonderful people. Once again , don't forget about the hotel discount at the Downtown Grand. Congratulations Jen, Kenny and Mark. What else do I have? Oh, Anthropic. It looks like Anthropic is planning to set a record.
Rumor has it that they are targeting two trillion. Two trillion IPO. That would be grand. Grandiosely. I don't know if you know, but there's an auction going on in Monterey this week with all these great cars, and it looks like it could be a record-breaking one. According to estimates, the amount could be half a billion dollars.
Can you imagine half a billion dollars in cars? This is madness. So again , why? Well, that's a lot of money. The peak of the K-shaped recovery, technology, stocks, new collectors, the wealth effect—it all comes together to lead to a potentially record-breaking car auction this week. Also, if you're a basketball fan like me, the Los Angeles Lakers have sold out again.
Yes, they were sold just a year ago at a record valuation of $10 billion at the time. Well, someone really wanted to get them and said, " You know what? We'll pay extra and make $12.5 billion ." Can you imagine making $2.5 billion in a year? Madness. Madness. Finally, friends, let's talk about entertainment inflation.
According to a Price Waterhouse Cooper survey, 71% of us plan to spend more on summer travel this year than last. So, friends. It looks like others have already taken advantage of the discount . Jack says it saved them 200. Others will probably take advantage of it too. Again , if you are part of a school, this is a pinned tweet.
I'll give you a discount code or whatever it's called. It's just amazing that they went above and beyond and did this for us. And don't forget about Steadily, the sponsor of daily financial news. And don't forget to join the school. I hope to see you among other wonderful people. Take care of yourself.
We'll be back Sunday morning at 7:30 with your daily financial news . Peace be upon you.
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