Stock Market News Review – Stock Futures Dip with Key Events Ahead
U.S. stock futures slightly dipped on Sunday evening, with the S&P 500 (SPX) hovering just below record territory. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 were down 0.14%, 0.04%, and 0.07%, respectively, at 8:06 p.m. EST, June 8.
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Meanwhile, all three major indexes finished their second winning week in a row. The S&P 500 ended above 6,000 for the first time since February 21 and is now less than 3% below its all-time closing high.
This week starts off busy, with U.S. and China officials holding trade talks in London and Apple (AAPL) kicking off its 2025 Worldwide Developers Conference today. Later in the week, investors will watch closely for fresh inflation data, with May's Consumer Price Index (CPI) due Wednesday and May's Producer Price Index (PPI) on June 12, Thursday.
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13 minutes ago
- CNBC
The latest CPI report showed some softening in inflation. What investors are saying
Wall Street got a favorable inflation report on Wednesday, giving equities a boost. The consumer price index rose 0.1% in May , slightly less than the 0.2% increase economists polled by Dow Jones anticipated. So-called core CPI, which strips out volatile food and energy prices, increased by 0.1% — also less than expected. Stocks reacted positively, with S & P 500 futures erasing an earlier decline to trade about 0.2% higher. Some investors noted continued uncertainty around the Federal Reserve's interest rate outlook, despite the latest price report. Here's how some investors, economists and strategists reacted to the news: Chris Rupkey, chief economist at FWDBonds: "Net, net, the inflation shock wave from more costly imported goods has yet to arrive on American shores. Today's consumer inflation report is a real head-scratcher for economists as they ponder why the trade war hasn't set off another inflation outbreak yet with core goods prices sitting on store shelves seeing no change in May." Alexandra Wilson-Elizondo, global co-CIO of multi-asset Solutions at Goldman Sachs Asset Management: "Inflation in May was lower than anticipated, suggesting the tariffs aren't having a large immediate impact because companies have been using existing inventories or slowly adjusting prices due to uncertain demand. While we might see some price increases on goods later, service prices are expected to remain stable, suggesting any rise in inflation is likely to be temporary." Ian Lyngen, head of U.S. rates at BMO Capital Markets: "CPI surprised on the downside across the board. … The yield curve is bull steepening as the slower trajectory of inflation has firmed rate cut expectations for later this year. On the margin, it is also supportive of next week's [Federal Reserve Summary of Economic Projections] signaling 50 bp of cuts in 2025." Ryan Weldon, investor director and portfolio manager at IFM Investments: "The softer services inflation lends itself to a slowing economy in the face of continued tariff anxiety and will support the Fed to come out of their wait-and-hold approach sooner. However, the Fed will still want to see several months of consistent inflation and jobs data and have more clarity on the Trump administration's tariff policy before resuming cuts." Chris Zaccarelli, chief investment officer at Northlight Asset Management: "With lower-than-expected numbers across the board (with the exception of headline YoY, which stayed constant), and a trade deal with China that was agreed to in London, the narrative around tariff-induced inflation should subside. However, CPI remains above 2% and even though the tariff rates are going to be less than originally feared, after they are implemented they will further increase the cost of goods." Skyler Weinand, chief investment officer at Regan Capital: "Wednesday's weaker-than-expected CPI opens the door to a Fed rate cut in September, since it's clear that the inflation data continues to move in the right direction even as we deal with tariff uncertainty. While employment is strong and the economic effects from tariffs are yet to be determined, the Fed would like to start easing again in the not too distant future to get in front of a possible recession in 2026" Peter Boockvar, chief investment officer at Bleakley Financial Group: "Bottom line, a sigh of relief on the lower than expected inflation stats just as we search for where tariffs will work its way through the supply chain and end customer."
Yahoo
24 minutes ago
- Yahoo
Musk Says Tesla Robotaxi Launch Tentatively Planned for June 22
Tesla expects to launch its long-anticipated robotaxi service tentatively on June 22, CEO Elon Musk said. The date for the launch in Austin, Texas, could shift because Tesla is being 'super paranoid about safety,' Musk said in a post on X late Tuesday. News Sites Are Getting Crushed by Google's New AI Tools X's Sales Pitch: Give Us Your Ad Business or We'll Sue Is the Immigration Crackdown Already Showing Up in the Labor Market? Moody's Sounds Alarm on Private Funds for Individuals ABC News Parts Ways With Correspondent After X Post Critical of Trump Aide Musk also shared a clip of a driverless black Model Y SUV testing on public roads in Austin. Tesla is hoping to derive much of its future business from robotics and artificial intelligence. Musk has portrayed the launch of driverless vehicles as central to Tesla's future success and valuation, saying robots and self-driving cars could propel Tesla's market value to at least $30 trillion. The stakes are high for Tesla, as its core business of making and selling EVs has been under pressure amid slack buyer demand and increased competition from Chinese EV makers such as BYD. Tesla's robotaxi competes against Alphabet's Waymo domestically, which launched the service in 2020 and operates in several cities, including San Francisco and Austin. Tesla's robotaxi development has lagged behind its Chinese rivals. Baidu's Apollo Go, WeRide and Pony AI, the 'Big Three' of China's autonomous driving scene, have launched robotaxi services in China and have recently expanded their footprints to the Middle East with ambitions of global operations. China's robotaxi fleet currently stands at around 1,700. 'This is a major endeavor for Musk and Tesla,' Wedbush analysts led by Dan Ives said in a research note, as 'the vast majority of valuation upside looking ahead for Tesla is centered around the success of its autonomous vision taking hold with this key launch in Austin ahead.' Write to Sherry Qin at Meta in Talks to Invest $14 Billion in Scale AI, Hire CEO Alexandr Wang The Media and Entertainment Deal Machine Is Revving Up Cyberattack on Food Distributor Leaves Supermarket Shelves Running Low Apple Executives Defend Apple Intelligence, Siri and AI Strategy Google Extends Employee Buyout Offers in Push to Raise AI Spending Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
34 minutes ago
- Yahoo
Inflation Rose to 2.4% in May, in Line With Expectations
Consumer prices picked up in May, a month when President Trump's trade war continued to ebb and flow and businesses sought to navigate shifting policies. That was in line with the 2.4% rise expected by economists surveyed by The Wall Street Journal. News Sites Are Getting Crushed by Google's New AI Tools X's Sales Pitch: Give Us Your Ad Business or We'll Sue Is the Immigration Crackdown Already Showing Up in the Labor Market? Moody's Sounds Alarm on Private Funds for Individuals ABC News Parts Ways With Correspondent After X Post Critical of Trump Aide Prices excluding food and energy categories—the so-called core measure economists watch in an effort to better capture inflation's underlying trend—rose 2.8%, below forecasts for a 2.9% increase. Month over month, the consumer-price index rose a seasonally adjusted 0.1% in May. That month-over-month reading was below the 0.2% economists expected. Futures tied to the S&P 500 and Dow Jones Industrial Average reversed direction to rise after the report came out. Concerns that the global economy will get walloped by President Trump's trade war have eased since the U.S. and China brokered a 90-day detente last month, staving off the largest potential shocks to the system. Still, the window for the two countries' negotiation expires in August, and concern about the prospect of higher inflation remains high. The closely watched University of Michigan consumer sentiment index stabilized in May after falling for four consecutive months, though it remains at one of its lowest levels ever recorded in data going back to 1952. Consumers said they expected prices to increase 6.6% over the next year, above the previous month's reading and the highest figure since 1981. A recent survey by the New York Federal Reserve, however, found that consumers expect lower inflation over the next year than they did the month prior, a dip that followed the Trump administration's pullback from the steepest tariffs it enacted in April. Consumer expectations matter deeply to economists and policymakers, in part because they can prove self-fulfilling. Should workers anticipate a rise in inflation, they might pressure their employers for more pay. If businesses expect higher inflation, they might pre-emptively raise prices to maintain their profits. In recent months, though, price increases have been tempered. Many businesses stockpiled inventory at the start of the year, allowing them to delay price hikes. Economists say they expect the impact of tariffs to hit pocketbooks later this year, as companies run out of such inventory. What the exact nature of such tariffs will look like at that point is impossible to predict. A federal trade court last month rendered the bulk of Trump's new tariffs invalid, though a federal appeals court temporarily put that ruling on hold. Trump threatened a 50% tariff on goods from the European Union, then said the U.S. would hold off on implementation until July 9. Earlier this month, he signed an executive order doubling tariffs on imported steel, saying it would strengthen the domestic industry and protect U.S. workers. The Organization for Economic Cooperation and Development recently cut its outlook for U.S. gross domestic product growth from 2.2% in 2025 to 1.6%. It cited the impact of Trump's tariffs, including the prospect of retaliation from other countries, as well as slower immigration and policy uncertainty. The group also said it expects the Fed's preferred gauge of U.S. inflation to rise to 3.9% by the year's end. Such an increase, the OECD said, might deter the Federal Reserve from cutting interest rates—something investors have eagerly anticipated, and Trump has lobbied for—until next year. Write to Te-Ping Chen at Meta in Talks to Invest $14 Billion in Scale AI, Hire CEO Alexandr Wang The Media and Entertainment Deal Machine Is Revving Up Cyberattack on Food Distributor Leaves Supermarket Shelves Running Low Apple Executives Defend Apple Intelligence, Siri and AI Strategy Google Extends Employee Buyout Offers in Push to Raise AI Spending Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
