US wholesale inflation cooled more than expected in June, with the Producer Price Index falling 0.3% month-over-month, below the flat reading economists had forecast and marking the steepest drop since August of last year. The year-over-year headline PPI pulled back to 5.5%, a full percentage point lower than the prior month’s initial print, which was revised down to 6.0%. Core PPI, excluding food and energy, rose just 0.2% for the month, 10 basis points below expectations, while the core year-over-year rate eased to 4.7%. Energy prices dropped 6.4% on the wholesale level, with diesel plunging 18%, helping drive a 1.4% decline in goods prices. Separately, Morgan Stanley reported second-quarter earnings of $3.46 per share, well above the $2.89 consensus, on revenues of $21.38 billion, while BlackRock posted earnings of $13.91 per share on $7.08 billion in revenue, both beating estimates.
BlackRock IncBlackRock reported Q2 earnings above estimates, a positive financial result.
Morgan StanleyMorgan Stanley reported Q2 earnings well above consensus, a positive financial result.
Johnson & Johnson
United Airlines Holdings Inc