Investing
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The consumer price index inched modestly higher, and less than expected, in May.
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Energy prices declined, offsetting higher food and shelter costs.
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11:40 am
Space company and builder of America’s next new space station Voyager Technologies is due to begin trading on the NYSE any moment now. The company’s IPO priced at $31 per share, ahead of expectations. But based on bid/ask prices, it looks likely to open today at $41 per share or better when it does begin trading.
10:54 am
In — what else? — more tariffs news, Bloomberg reports the U.S. and Mexico are close to a deal to lift President Trump’s 50% tariff on a set amount of Mexican steel imports. The agreement hasn’t yet been finalized, but aims to permit U.S. buyers to import Mexican steel duty-free up to a level (yet to be named) that’s based on historical trade volumes.
Steel stocks like Cleveland-Cliffs (NYSE: CLF), Nucor (NYSE: NUE), and Steel Dynamics (Nasdaq: STLD) are all sinking on the news.
10:32 am
In today’s tariffs news (does it seem lately that all news is “tariffs news”?), President Trump just posted on Truth Social that “OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!”
While not 100% clear, the upshot seems to be that the U.S. is keeping or even raising some tariffs on imports from China, while Chinese tariffs on U.S. exports will fall to 10%. Plus, the rare earths supply chain will open back up.
This article will be updated throughout the day, so check back often for more daily updates.
Despite fears that abruptly imposed, then removed — but maybe only to be reimposed again — tariffs rates would frighten consumers and spook sellers into raising prices, the U.S. Bureau of Labor Statistics reported Wednesday that the consumer price index rose only 0.1% in May, implying an annual inflation rate of 2.4%. Economists had been predicting a 0.2% rise (and the same annual rate), so the 0.1% rate is considered “good news” on the inflation front. A 1% month-on-month decline in energy prices helped to keep the total inflation picture tame, offsetting 0.3% rises in food and shelter costs.
Adding to the good news, “core inflation” that excludes food and energy costs also rose only 0.1%, which was also less than the 0.3% expected.
Investors are responding positively to this revelation, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) is up 0.1% in the first hour of trading.
Earnings
There’s not a whole lot of news on the earnings front this morning, but online petfood-ordering company Chewy (NYSE: CHWY) did report a modest $0.03 per share beat on earnings this morning. Earnings for Chewy’s fiscal Q1 2026 came in at $0.35 per share, and revenue was better than expected at $3.1 billion.
In other e-commerce news, online clothes subscription service Stitch Fix (Nasdaq: SFIX) had a positive report after the bell last night. The company lost $0.06 per share in its fiscal Q3 2025 report, but was expected to lose $0.11, so — good news! Revenue was also about $10 million better than expected at $325 million.
Analyst Calls
Referring back to yesterday’s earnings report from S&P 500 component company J.M. Smucker (NYSE: SJM), investment banker Jefferies decided to upgrade the packaged foods company to buy. “While we understand investor concern” over Smucker’s weak guidance, commented Jefferies, “we think F’26 may have been de-risked and believe its portfolio remains growth advantaged vs. peers.”
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