It was a mixed day on Wall Street. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) closed lower despite a cooler-than-expected June Consumer Price Index report. The Dow Jones Industrial Average (^DJI) eked out a 32-point gain.

On Asking for a Trend, Morgan Stanley Chief Global Economist Seth Carpenter explains how the June inflation data bolsters his case for three rate cuts from the Federal Reserve this year, while longtime Wall Street strategist Ed Yardeni gives the reasons behind his decision to raise his year-end S&P 500 forecast to 5,800.

Anchors Julie Hyman and Josh Lipton also discussed a couple of big analyst calls on Darden Restaurants (DRI) and Costco (COST).

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This post was written by Stephanie Mikulich.