Today on Wealth!, host Brad Smith breaks down July's Personal Consumption Expenditures (PCE) print, signs of a cautious consumer, and much more.

Another mild inflation reading sets the stage for the Federal Reserve's first interest rate cut since 2020. US stocks (^DJI, ^IXIC, ^GSPC) climbed Friday morning after the PCE price index showed prices increased in line with expectations in July. GLOBALT Investments senior portfolio manager Thomas Martin breaks down how to position your portfolio ahead of the Fed’s policy meeting in September.

Plus, Ulta Beauty (ULTA) shares are under pressure after the company missed earnings expectations for the first time in four years. In turn, the consumer cosmetics company lowered its full-year guidance. Placer.ai head of analytical research R.J. Hottovy discusses where the consumer stands.

It’s never too early to think about your taxes! Gordon Law Group managing attorney Andrew Gordon explains what investors can do to get a head start on the next tax season.

This post was written by Kristen Tsoubanos.