S&P 500 trades near records after CPI report shows easing June inflation: Live updates
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The S&P 500 trades near record levels after the consumer price index (CPI) report shows easing June inflation. The CPI fell 0.1% last month, bringing the annual inflation rate down to 3%. Core CPI, which excludes food and energy, came in at a 3.3% annual rate. Treasury yields fell following the CPI data as traders upped their bets for interest rate cuts. The Federal Reserve is expected to cut rates as early as September. Nvidia led chip stocks higher in the premarket, while housing-related shares such as D.R. Horton jumped on the hope of lower rates. The S&P 500 added 1% on Wednesday to close above 5,600 for the first time. Pfizer rises as the drugmaker moves forward with a once-daily weight loss pill. Delta Air Lines slides on disappointing earnings guidance. PepsiCo shares slip after mixed quarterly results. The dollar index reaches its lowest level in four weeks after the CPI report. Citigroup is fined $60.6 million by the Federal Reserve Board for violating a 2020 enforcement action. The CPI report is expected to show inflation falling closer to 3%. The S&P 500 rises in the first seven trading sessions of July. Stock futures open little changed.

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https://www.cnbc.com/2024/07/10/stock-market-today-live-updates.html