High and Low: Numbers Tell Quite a Story

For an otherwise quiet start to the month of July, it’s shaping up to be a month all about numbers:

• 5,633.91: The record number the S&P 500 closed yesterday.

• 3%: The June Consumer Price Index (CPI) inflation report.

• 206,000: Jobs added in the US in June.

• 4.1%: The current US unemployment rate.

Yes, inflation cooled, bringing a sigh of relief to those enduring a second intense heatwave that has engulfed most of the US and now, Southern Europe. It’s literally hell outside, with humidity levels above 70% since last weekend. On top of that, tornadoes and flood threats loom as Hurricane Beryl makes its way north later this weekend.

On the plus side, inflation data is lifting rate-sensitive small-cap stocks that have been battered for months. The Russell 2000 (.RUT) spiked 2.1% in early trading as the report may usher in a rate cut that will improve conditions for small and mid-caps. All of this on top of increasing positive sentiment around the upcoming earnings season, which kicks off this week.

Later this month, more than 14,000 athletes, trainers, coaches, and support staff from 206 territories and countries will head to Paris for the Olympics and Paralympics to live in an 81-acre compound—the single largest construction project in France, costing $1.85B. For the first time in Olympic history, there will be full gender parity: a 50:50 female-to-male athlete quota set by the International Olympic Committee.

By the numbers:

• 82 buildings.

• 3,000 apartments containing 16,000 beds designed to hold up to 500 pounds.

• 200 chefs tasked with preparing 500 recipes.

• 40,000 meals per day totaling 13 million meals over two 15-day periods.

• 4 culinary themes comprised of French, Asian, African-Caribbean, and World.

• 1 first-ever Olympic Village nursery for parents, open 9am-9pm.

Numbers, more than mere data points, can encapsulate our collective experience, highlightingspikes of relief and challenge. They vividly paint a narrative of our times, where progress and adversity coexist. The cooling of inflation hints at a potential easing of rates, offering hope for small caps, especially if estimated second-quarter US GDP meets its anticipated 2% target (data will be released on July 25).

In true fashion, the dog days of summer underscore the intricate balance we must navigate, where every statistic carries the weight of our shared resilience and adaptability. As we await the summer that is yet to unfold, remember to keep cool, both in spirit and in action.