Breaking News
Jul 12, 2024
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Producer price inflation was 2.6% from a year ago and 0.2% from the previous month in June, according to the latest data released by the U.S. Bureau of Labor Statistics.
Producer price inflation increased at an annual pace of 2.6%, the fastest pace since March 2023, after increasing at an upwardly revised 2.4% in May.
Treasury yields continued to look down, and investors overlooked wholesale inflation and focused on Thursday's release of consumer price inflation of 3.0%.
Investors are still hoping the Federal Reserve will start cutting rates as early as September, but those hopes may be dashed as policymakers look for more evidence of a downward trajectory in inflation.
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Citigroup decreased 0.8% to $65.15 after the global bank reported higher-than-expected revenue and earnings in the second quarter.
Total revenue in the second quarter increased 4% to $20.1 billion from $19.4 billion, net income advanced 10% to $3.2 billion from $2.9 billion, and diluted earnings per share rose to $1.52 from $1.33 a year earlier. -
Wells Fargo declined 6.6% to $56.19, and the financial service company reported weaker-than-expected net interest income in the second quarter.
Revenue in the quarter increased to $20.7 billion from $20.5 billion, net income decreased to $4.91 billion from $4.93 billion, and diluted earnings per share rose to $1.33 from $1.25 a year earlier.
Wells Fargo stock declined after net interest income declined 9% to $11.9 billion from $13.2 billion a year ago. -
JPMorgan Chase declined 1.1% to $205.09 after the New York-based bank reported stronger-than-expected revenue in the second quarter.
Revenue increased 22% to $50.2 billion from $41.3 billion, net income advanced 25% to $18.1 billion from $14.5 billion, and diluted earnings per share rose to $6.12 from $4.75 a year ago.
The bank took a higher-than-estimated credit loss provision of $3.05 billion, indicating that the bank is looking for higher losses stemming from its credit card business. -
Consumer price inflation eased for the third month in a row to 3.0% from 3.3% in May, the lowest since June 2023, the U.S. Bureau of Labor Statistics reported Thursday.
Core inflation, which excludes volatile food and energy prices, eased to an annual pace of 3.3% in June from 3.4% in May and extended its decline after peaking at 6.6% in September 2022. -
Costco Wholesale declined 3.5% to $853.66 after the warehouse membership club operator raised annual subscription fee in the U.S. and Canada by $5 and premium membership by $10.
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MicroStrategy jumped 7.2% to $1,400.36, and the largest corporate holder of bitcoin announced a 10-to-1 stock split on Thursday.
The company announced two classes of stock, Class A and Class B, to make its stock more accessible to investors and employees. -
PepsiCo decreased 0.6% to $162.16 after the snack and beverage company reported mixed quarterly results.
Revenue increased 0.8% to $22.5 billion from $22.3 billion, net income advanced to $3.1 billion from $2.8 billion, and diluted earnings per share rose to $2.23 from $1.99 a year ago. -
Delta Air Lines declined 5.8% to $44.11, and the international air carrier reported weaker-than-expected quarterly results.
The airline said net income in the second quarter dropped 30%, despite revenue reaching a record high.
The company also estimated a lower-than-expected increase in revenue in the current quarter and estimated earnings per share in the third quarter to range between $1.74 and $2.0. -
Retail sales in May rose by 0.1% from the previous month, following a downwardly revised fall of 0.2% in April, the U.S. Census Bureau reported Tuesday.
The weak reading on retail sales offers another sign of cooling consumer spending amid elevated prices and a high cost of living.
Sales at gasoline stations declined 2.2%, food services and drinking places fell 0.4%, and food and beverage stores fell 0.2%.
Excluding gasoline, sales rose 0.3%.
Sales excluding food services, auto dealers, building materials stores, and gasoline stations, which are used in the calculation of gross domestic product, rose 0.4% following a drop of 0.5% in the previous month.
On an annual basis, retail sales rose 2.3% in May, following a downwardly revised 2.7% increase in April.
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