Adviser sees 'very bumpy rest of the year' in equities

STORY: Toward the end of the last week, the S&P 500 and the Nasdaq posted their fourth straight week of gains even as Fed officials pushed back expectations of an end to rate hikes sooner than anticipated and economists warned inflation could return in the coming months.

U.S. annual consumer prices slowed to 8.5% in July. Economists polled by Reuters expected the Consumer Price Index to show year-on-year headline inflation of 8.7%.