US inflation rose in June as Trump’s tariffs hiked prices
US inflation rose again in June as President Donald Trump’s tariffs began to raise consumer prices.
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US stocks fell in the morning, even after tamer measures of inflation than expected, with major banks reporting strong revenue results.
The Blue Chip Dow lost 0.3% in close to 43,891 deals at noon in New York. The Broad S&P 500 index fell to about 22 points and about 6,222 points. The Nasdaq Composite Index lost 92 points (0.4%) to nearly 20,595 transactions.
The producer price index, which reflects the prices companies pay for goods and services, had not changed in June, which helped ease concerns about the impact of tariffs. Dow Jones’ consensus estimate was an increase of 0.2% in June. Reading came a day after the consumer price index showed signs of accelerating in June.
Benchmark 10 years US Treasury bills fell by about 4.441%, down about 4 basis points at noon.
Crypto News
Stocks in digital currencies and several crypto businesses rose on Wednesday as US House of Representatives “Crypto Week” followed. Bitcoin rose 2.5% to around $119,217, while Coinbase shares rose 2%.
Meanwhile, the CEO of Bank of America said the company is considering using stubcoin during an analyst call. Bank stocks fell by more than 2% at noon.
Corporate News
- Goldman Sachs beat analyst expectations and reported revenues up 22% compared to a year ago. The bank’s bottom line profits were boosted by trading and investment banking services. Stock was modestly low. Bank of America’s profits also beat expectations.
- Johnson & Johnson stock reported below expectations on Tuesday, boosting revenues that boosted the outlook for 2025, up almost 6% in early trade.
