- Reuters/Kevin Lamarque
Here is the scoreboard:
Dow Jones industrial average: 24,269.71 +53.66 (+0.22%)
S&P 500: 2,723.09 6.78 (+0.25%)
- Inflation in the US hit the Federal Reserve’s target of 2% for the first time in six years. Personal consumption expenditures rose to 2.3% in the 12 months to May, the Commerce Department said.
- Axios reported President Donald Trump wants to pull the US out of the World Trade Organization, a claim Treasury Secretary Steve Mnuchin called “fake news.” The move, which the White House has not officially denied, has the potential to disrupt decades of international trading order.
- The yield curve hit its flattest point since 2007. The gap between short- and long-term bond yields, which has historically predicted recessions when it has turned negative, narrowed to 30 basis points.
- General Motors said Trump’s tariffs could undermine the company’s ability to compete globally. In a filing with the Commerce Department, the US’s largest automaker warned that protectionist policies could lead to a reduced presence at home and threaten jobs.
And a look at the upcoming economic calendar:
- The US and the UK release manufacturing data.
- Australia reports monthly building approvals.