Good morning.

We noted recent records in the S&P and Nasdaq … while writing that the Dow Index was kind of feeling left out.  Well … the Dow finally joined the party and hit a new intraday record this morning, before putting the champagne away and giving back some of its gains.

Consumers continue to buy things … leading to a July gain in retail sales … but maybe they are just loading up in anticipation (rightly or wrongly) of higher prices ahead.  After all, consumer sentiment has been declining even in the face of the increase in purchases.

And tariff concerns?

Well, focus is not strictly on countries … but on industries … as while additional threats have been made against pharmaceutical companies … the importation of semiconductors is also in the crosshairs … as the threat of a 200% tariff was mentioned … and quickly changed to 300%!  But who knows where (or when) this will end up … as we all recently learned to take notes regarding tariffs using pencils (imported probably) with very big erasers.

And … for those trying hard to keep track … in addition to countries and industries … attacks have been made against individuals … but even these might be short-lived.

Just one week ago, the President called for the resignation of Intel’s CEO to take place “immediately,” due to ties with China with the claim that “there is no other solution to the problem.”

Then, following a meeting (where no campaign contribution promises were shared), Trump classified the rise of the CEO to be an “amazing story” and backed resignation demands … but … as any infomercial announcer will tell you … “wait, there’s more.”

Just this morning, according to Bloomberg, there are reports that the U.S. is considering “taking a stake” in Intel … driving the stock price of the beleaguered firm up sharply today.

I think I’ll end it here for now … as I just got news that my car will be in the shop for 3 weeks or so … “requiring about 72 hours of work.”

Go ahead, they said … get a car run by a computer they said.

Ouch.

The last two articles below should be of interest … as the first tells how the shift in behavior among young adults has really changed things.

It has become the norm for young adults to make sure to have financial comfort (while getting fun out of the way) before deciding to get married, start a family, etc.  But that really has had an effect on such items as the diaper industry and many other things … not to mention the sharp decline in the “replacement ratio” … changing the landscape of … well … America.  This is an important article for me, as I prepare topics for my Finance class … where I will face a few dozen college Juniors … who will no doubt view me of being very much out of touch with the world in which they live.

And the final article below could provide a shock as it points out that many of the users of AI are “older Americans.”

So be careful, young students.  We’re smart and willing to learn new things.

Us older Americans shouldn’t be put out to pasture just yet.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | August 15, 2025 As of 11:58 AM today: Tariffs and higher costs?  “So what” … asks consumers … as we see want we want to buy and pick it up … regardless of price (Cheddar) https://www.cheddar.com/media/retail-sales-rise-as-shoppers-appear-to-shrug-off-tariff-pressures/   … and this buying goes on … even in the face of consumers becoming increasingly worried as to what the future might hold (ABCNews) https://abcnews.go.com/Business/fresh-data-show-consumer-sentiment-amid-sweeping-new/story   … meanwhile, many have been mentioning tariffs will certainly lead to higher rates … but not all are in agreement, and this opinion claims the opposite (Barrons) https://www.barrons.com/articles/the-inflation-debate-is-all-wrong-how-tariffs-could-lead-to-interest-rate-cuts-3646c540   Considering solar panels but don’t want to retrofit your roof to get them?  Relax, there might be a simpler solution.  Not for the entire house, but every little bit helps (APNews) https://apnews.com/article/balcony-plug-solar-climate-energy-renewable-trump-c162abf520da0fa155dc971270b8684a   Young adults certainly have changed goals over the years … and many seem to delay things trying to get their financial house in order before other things (CNBC) https://www.cnbc.com/2025/08/15/census-young-adults-milestones.html   Who is using Artificial Intelligence?  We might assume that AI is being used solely by young adults and those early in their careers … but older Americans are using it.  A lot. (ScienceAlert) https://www.sciencealert.com/half-of-older-americans-are-using-ai-heres-what-theyre-doing-with-it The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.