Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-1.4%), and DJIA (-0.1%) are lower across the board entering the final half hour of the session.

Tomorrow's action will include the CPI Report for May (Briefing.com consensus 0.5%), an important measure of inflation. While the market is already expecting a rate hike by the end of the year, next week's FOMC meeting will be of particular interest, given it will be the first under newly minted Fed Chair Kevin Warsh, who advocated for lower interest rates in the months leading up to his nomination.

Before Fed developments come into full focus next week, the market will navigate the eagerly anticipated IPO of SpaceX on Friday. Reuters reports that the upcoming IPO has drawn over $250 billion of investor demand, with an oversubscription rate running at 3.5 to 4x the planned offering size.