US stocks drop as inflation data shows prices rose more than expected in June

US stocks drop as inflation data shows prices rose more than expected in June

US stocks dipped at the open after key inflation data showed prices rose more than expected in June. increased 0.9% in June, far higher than Bloomberg's consensus estimate among economists of 0.5%. The reading marked the largest one-month change since June 2008. On a year-over-year basis, prices increased 5.4%, higher than economists' expectations for a 4.9% year-over-year increase. However, June 2020 was the lowest point for Core CPI during the pandemic shutdown, so year-over-year increases are expected. "A white-hot June CPI print has the markets jittery this morning. Stripping away food and energy, it was the highest print for Core CPI since November 1991 on a year-over-year basis, however moving forward we expect these inflation numbers to begin to cool," said Cliff Hodge, Cornerstone Wealth chief investment officer. Bank earnings began this morning, with as the banking giant benefited from record investment-banking fees and the release of cash set aside to cover loan losses. analysts' estimates. Investment banking generated its second highest quarterly net revenues ever, just behind the first quarter of 2021, thanks in large part to a robust IPO market. The strong numbers in that segment offset a slowdown in Goldman's trading business. Although CPI came in higher