Stock Market Update

[BRIEFING.COM] The major indices started on a higher note, albeit a modest one, following a pleasing CPI report for May and the announcement that the U.S. and China had reached a framework agreement on the Geneva consensus. President Trump validated that news, saying the deal with China is done, pending final approval from President Xi and him.

The president also added in a Truth Social Post: "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!"

Overall, the market's early enthusiasm has been contained, presumably because it had already priced in the likelihood of the U.S. and China getting to the point they did, and possibly because it is still reluctant to accept that there won't be any tariff-induced inflation in the coming months.

Eight S&P 500 sectors are moving up, with gains ranging from 0.1% to 0.3%. The three losers are materials (-0.5%), consumer staples (-0.4%), and industrials (-0.2%).