🚀 Producer Price Index Declines

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The U.S. producer price index (PPI) unexpectedly decreased by 0.2% in May, reversing a 0.5% rise in April and defying expectations of a 0.1% increase. Excluding food, energy, and trade services, the PPI was unchanged, contrary to the anticipated 0.3% increase. Annually, the all-items PPI rose 2.2%. This decline adds to the evidence that inflation is cooling, boosting hopes that the Federal Reserve might reduce interest rates later this year despite a recent indication of just one 0.25 percentage point cut. Concurrently, initial unemployment claims rose to 242,000, the highest since August 2023.

2. GameStop’s annual shareholder meeting was disrupted by overwhelming interest that crashed the servers hosting the event. Scheduled to begin at 11 a.m. ET, the meeting was delayed and ultimately adjourned due to technical difficulties, preventing stockholders from accessing the stream. GameStop has yet to provide a reschedule update. The disruption occurred amidst renewed interest in GameStop stock, spurred by Keith Gill, known as Roaring Kitty, who recently resumed posting after a long hiatus. GameStop stock saw significant volatility, closing up 6% on Thursday. The company also announced it raised over $2 billion in an equity sale to fund corporate purposes.

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4. Headlines

   1. Ford is ending its EV dealership program.

   2. Trump has proposed eliminating income tax if elected.

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