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    • Breaking News
    Jul 12, 2024
    • 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. 
        • Jul 11, 2024
        • 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. 
            • 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. 
                  • Jun 18, 2024
                  • 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. 

                     
                    • Jun 12, 2024
                    • The annual rate of consumer inflation unexpectedly cooled to 3.4% in May, the U.S. Bureau of Labor Statistics said on Wednesday. 

                      Consumer price inflation decreased for the second month in a row and fell from 3.5% in March to 3.4% in April. 

                      Food price inflation slowed to 2.1% from 2.2% in April, shelter inflation slowed to 5.4% from 5.5%, and transportation dropped 10.5% from 11.2%. 

                      The annual rate of core inflation slowed to 3.4% in May, the lowest rate since April 2021. 

                      On a monthly basis, consumer price inflation was unchanged from the previous month after rising 0.3% in April, and the monthly core rate of inflation slowed to 0.2% from 0.3% in the previous month. 

                       
                      • The Federal Reserve left the fed funds rate range unchanged between 5.25% and 5.50%, at the end of the two-day policy meeting.  

                        The policymakers committee dialed back on the rate expectations and estimated rates to drop to 5.1% by the end of the year, down from March's estimate of as many as three rate cuts. 

                        The committee also held 2024's GDP growth outlook at 2.1% and the unemployment rate at 4.0%. 

                        But the committee revised its PCE inflation estimate to 2.6% from 2.4% in March and core inflation, which excludes food and energy price inflation, to 2.8% from 2.6%. 

                        Fed officials estimated as many as four rate cuts in 2025, the fed funds rate to drop to 4.1% by the end of 2025, and additional cuts to bring down interest rates to 3.1% in 2026.