📉 CPI Matches, But Tariff Inflation Creeps In
Wall Street ended Tuesday mostly lower as June’s CPI data came in as expected, but inflationary pressure is creeping in where it hurts — especially on tariff-sensitive goods. Traders are keeping a close eye on how Trump’s tariff blitz could feed future inflation.
🔥 PPI + Beige Book Incoming
More key data hits today. June’s PPI report drops at 8:30 AM ET, with economists expecting a modest 2.5% rise year-over-year. Also on deck: the Fed’s Beige Book at 2PM ET, offering regional insights on economic conditions. Expect commentary around stagflationary concerns — stubborn prices with slowing growth — especially with Trump’s tariff storm swirling.
📦 Trump Tariff Timeline Tightens
Tariff headlines remain market-moving:
- Trump reiterated 200% tariffs on pharma imports are coming by month-end.
- A new 19% tariff on Indonesian goods is now in play as part of a fresh trade pact.
- Framework deals have been announced with China, Vietnam, and the UK, but all eyes are on the August 1 “reciprocal tariff” deadline — and the White House says it will not be moved again.
💰 Q2 Earnings Season Heats Up
JPMorgan, Citi, and Wells Fargo beat earnings expectations Tuesday, but caution ruled the commentary. Jamie Dimon warned of “significant risks” from tariffs and fiscal mismanagement. More earnings drop today from:
- Bank of America
- Goldman Sachs
- Morgan Stanley
- Johnson & Johnson
🛢️ Crude Cools Off
Oil prices dipped again:
- Brent: $68.56 (-0.2%)
- WTI: $66.33 (-0.3%)
Markets brushed off tariff threats on Russian oil. OPEC held its global demand forecast steady and struck an optimistic tone on easing trade tensions — but traders aren’t biting yet.
💻 Tech Still in Command
The QQQ hit another all-time high intraday (560.8), before closing slightly green at 556.72. Bulls still own the trend. Support remains around 540 — a retest could open the door to 525–520, but we’re still within arm’s reach of highs. No bear confirmation yet.
₿ Crypto & Gold Holding Strong
- Bitcoin: ~$117.3K
- Gold: ~$3,330/oz
Both remain elevated amid inflation and global uncertainty.
🎯 Key Economic Events Today (All ET):
- 🇺🇸 PPI (Jun) – 8:30 AM
- 🇺🇸 Core PPI (Jun) – 8:30 AM
- 🇺🇸 Industrial Production (Jun) – 9:15 AM
- 🇺🇸 Fed Vice Chair Barr Speaks – 10:00 AM
- 🇺🇸 Crude Oil Inventories – 10:30 AM
- 🇺🇸 Beige Book – 2:00 PM
- 🇺🇸 FOMC Member Williams Speaks – 4:30 PM
📊 Get your charts ready. The tape will move early off data and earnings flow.
See you all in chat to stack gains together.
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