TLDR

MARKET RECAP → The S&P 500 (VOO) rises for a third straight day Thursday as traders shrugged of hot inflation data.

🌾 DEERE’S Q3 SLUMP → Tariffs and softer demand drove a 26% profit drop and a lower full-year outlook, as Deere scrambles to offset $500M in added costs.

📈 WHOLESALE PRICES SPIKE → U.S. wholesale inflation jumped 0.5% in July, its biggest gain in over a year, led by services and energy, likely complicating Fed rate-cut hopes.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

EARNINGS

Deere’s Q3 Slump

🌾 Earnings take a hit. Deere’s Q3 net income slid 26% to $1.29B, or $4.75 per share, as revenue dropped 9% to $12.02B. Tariffs, falling crop prices, and weaker farm equipment demand all weighed on results.

📉 Guidance trimmed. Management cut the upper end of its full-year profit outlook to $5.25B from $5.50B. Every major segment—from production and precision agriculture to construction and turf—reported lower sales.

🚜 Tariffs still biting. Deere expects over $500M in tariff-related costs this year. It’s exploring price hikes, contract renegotiations, and shifting production to ease the pressure.

ECONOMICS

Wholesale Prices Spike

📈 Biggest jump in 14 months. U.S. producer prices rose 0.5% in July, the sharpest gain since May 2024, driven by higher costs for services and goods. The annual increase hit 3.3%, signaling inflationary pressures are far from gone.

🚚 Services lead the surge. Over 60% of the monthly increase came from services, especially portfolio management, transportation, and warehousing. Goods prices also ticked higher, led by energy.

💸 Policy implications. The hotter-than-expected PPI could keep the Fed cautious on rate cuts, as sticky inflation risks clashing with cooling growth. Markets now see a slightly lower chance of aggressive easing this year.

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