Mike Armstrong and Marc Fandetti react to a hotter-than-expected Producer Price Index report that rattled markets and raised fresh questions about the Federal Reserve’s timeline for rate cuts. With core wholesale prices surging well above forecasts, the hosts examine whether inflation is reaccelerating — or whether the data is simply a volatile outlier.

The hour also explores growing concentration risk in the S&P 500, the heavy weighting of mega-cap tech stocks, and whether AI-driven disruption headlines — including mass layoffs at Block — are more marketing than macro reality.