Stock Market Update

[BRIEFING.COM] The stock market continues to operate in a mixed manner. Sellers haven't shown a great deal of conviction, and buyers have been a bit more hesitant than usual despite some relatively pleasing inflation news over the past two sessions.

Yesterday's Consumer Price Index for May was followed by a Producer Price Index for May that was cooler than expected, although that understanding was offset somewhat by upward revisions to April.

In any case, other factors that might be holding back buying interest are valuation concerns, tariff/trade concerns as the reciprocal tariff pause expiration date of July 9 draws closer and President Trump suggests certain countries may soon be receiving "take it or leave it" letters in terms of deal parameters, and concerns about Israel possibly launching an attack on Iran's nuclear sites soon. 

WTI crude futures saw a spike yesterday on the latter concern. They were weaker earlier but have rebounded and are now flat at $68.17/bbl. The CBOE Volatility Index is up 4.8% to 18.08.

In other developments, President Trump is again chastising Fed Chair Powell for not cutting rates, calling him a "numbskull" and saying that, if the Fed cuts rates two percentage points, it would save the U.S. about $600 billion per year, according to CNBC.