Record Highs for the Dow and S&P 500 Following the Release of Inflation Data, Southwest's COVID Warning, Stocks Respond to Senate Passage of a $3.5T Budget Blueprint and $1T Infrastructure Bill, plus all things crypto from Coinbase to SEC Chairman Gensler
b"Carl Quintanilla, Jim Cramer and David Faber discussed another record day for the Dow and S&P 500, sparked by inflation data showing consumer prices in July did not rise by as much as investors feared. CPI rose 0.5-percent last month and increased 5.4-percent year-on-year. The anchors explored what it all means for investors and the Fed. As for the reopening trade, Southwest shares fell after the airline said cancellations have increased in August due to concerns over the Delta variant, making it difficult to be profitable for the current quarter. The anchors also discussed decisions by Southwest, American and Delta to not require their employees to get COVID vaccinations, unlike United's mandate. President Biden's economic agenda also in the spotlight after Senate narrowly passed a $3.5-trillion budget blueprint one day after a $1-trillion bipartisan infrastructure bill was approved in the chamber. The anchors discussed the stocks most likely to benefit from infrastructure legislation -- especially the big rally in steel stocks -- and reacted to what Nucor's CEO told CNBC about the bill. Crypto in the mix as Coinbase posts better-than-expected quarterly results -- and SEC Chairman Gary Gensler tells Senator Elizabeth Warren that the SEC needs more regulatory authority over cryptocurrency. Also in the mix: Electric air taxi startup Joby Aviation goes public via a SPAC deal, an update on the railroad bidding war for Kansas City Southern, meme stock mania, retail's upward momentum led by Home Depot, a report which says American Express is postponing its return to the office plans because of the Delta variant outbreak, and shares of Wendy's get a lift on earnings but the company formerly known as Weight Watchers plummets."