There’s a new narrative in markets

Higher producer costs
U.S. wholesale prices rose 0.3% in July. That’s more than economists had expected and the biggest monthly increase since January. On a year-over-year basis, the producer price index was up 0.8%. The PPI tends to reflect price changes before they filter into the consumer price index, so this could dampen the enthusiasm over July’s cooler-than-expected CPI.

Jail for SBF
FTX founder Sam Bankman-Fried headed to jail Friday after a judge revoked his bail over alleged witness tampering. Government prosecutors said Bankman-Fried had sent over 100 emails to the media, including private diary entries of his ex-girlfriend, Coraline Ellison, to the New York Times. Bankman-Fried’s expected to remain in custody until his criminal trial on Oct. 2.

Nvidia’s incredible year
Nvidia’s shares are up 180% this year, beating every other stock in the S&P 500 and making Nvidia the fifth-most valuable U.S. company. But that gives its stock a current price-to-earnings ratio of 220, a multiple more than three times higher than Tesla’s. CNBC’s Kif Leswing explains the trajectory behind Nvidia’s ascent, and where the chipmaker could go from here.

[PRO] Week of the consumer
The U.S. consumer is in focus this week. July’s retail sales data comes out Tuesday. Alongside that will be earnings reports from a range of retailers, ranging from big-box merchandisers like Target, discount shops like TJX Companies and luxury retailers like Tapestry, which owns Coach and Kate Spade. They’ll give a snapshot of whether the consumer can continue propping up the U.S. economy.

There’s a new narrative in markets.

At the same time, the U.S. economy is growing so much more than anticipated that Wall Street thinks a recession isn’t happening this year. Economists, according to a Philadelphia Federal Reserve poll, are also revising upwards their growth forecasts.