STOCK MARKET NEWS TODAY: Inflation surges, Dow drops 200+ pts, 10-year Treasury yield jumps

Odeon Capital Group financial strategist previews the second quarter earnings of Wall Street’s financial titans on ‘The Claman Countdown.’

U.S. stocks ended mixed after
consumer inflation spiked 9.1% – the hottest reading in 41 years – sparking speculation that the Federal Reserve will get more aggressive with interest rate hikes. The yield on the 10-year Treasury hit 3% before pulling back. In commodities, fell 0.4% to $96.30 per barrel.

Sotheby’s International Realty broker Jenna Stauffer discusses how inflation has affected the real estate market on ‘The Claman Countdown.’

Point Bridge Capital CEO and founder Hal Lambert and Manhattan Institute senior fellow Allison Schrager weigh in on environmental policies and their ties to inflation on ‘Making Money.’

Fox News congressional correspondent Chad Pergram reports on the Senate roadblock placed on the China Competition Bill, which would make the U.S. more competitive with China in computer chip and semi-conductor manufacturing.

U.S. stocks came off the worst levels of the session midday but remained lower as industrials and financials lagged.

All three of the major U.S. stock averages fell over 1% as trading began following the surprise 9.1% jump in the consumer price index for June. Investors are now debating the likelihood of a full percentage point rate hike by the Federal Reserve. In commodities, oil retreated to the $86 per barrel level. 

It reported an adjusted profit of $1.44 per share for the second quarter. That was below analysts’ expectations of $1.73 per share, according to Refinitiv, yet still marked the carrier’s best performance since 2019.

Revenue for the quarter through June came in at $13.8 billion, topping Wall Street estimates.

Read the full story: Delta sees ‘meaningful’ full-year profit on resilient consumer demand

U.S. equity futures were trading higher ahead of a highly anticipated report on inflation. The major futures indexes suggest a gain of 0.3% when trading begins on Wall Street.

The consumer price index is expected to rise 1.1% month-over-month in June. That’s up from a 1.0% increase in May, but below a 1.2% spike in March. 

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Economists are searching for evidence that inflation has finally peaked, but they are unlikely to find much good news in the newest consumer price index report out on Wednesday.

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The average price of a gallon of regular gasoline slipped on Wednesday morning to $4.631, according to AAA. The price on Tuesday was at $4.655. Gas has declined for 26 straight days. Diesel slipped as well to $5.611 down from $5.625

Oil was trading higher ahead of a report on U.S. inflation.

U.S. crude moved below $100 a barrel for the first time since April. U.S. West Texas Intermediate crude traded at $96 a barrel. Brent crude futures were at $99 a barrel. Prices fell by more than 7% on Tuesday amid volatile trading.

Bitcoin was trading below $20,000 after fall for four straight days heading into Wednesday. The cryptocurrency is down more than 10% over that period. It is bitcoin’s longest losing streak since June 30.

Bitcoin is up more than 3% month-to-date, but down more than 58% year-to-date. Ether is trading around $1,000 and Dogecoin is at 6 cents.