US core consumer prices fell 0.02% in June, the first monthly decline in more than six years, pulling the annual core inflation rate down to 2.6%. The surprisingly soft reading nearly erased futures-market odds of a Federal Reserve rate hike this month and sent Treasury yields sharply lower. Fed Chair Kevin Warsh reiterated the central bank’s commitment to returning inflation to its 2% target during congressional testimony. The corporate earnings season also began, with Goldman Sachs surging 9% on strong trading and IPO fees, while IBM plunged 25% after missing estimates and warning that AI spending is cannibalizing software budgets.
Goldman Sachs Group IncGoldman Sachs surged 9% on strong trading and IPO fees.
International Business MachinesIBM plunged 25% after missing estimates and warning that AI spending is cannibalizing software budgets.
ASML Holding N.V.