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Stock futures are little changed as traders brace for key consumer inflation report: Live updates

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Stock futures are little changed as traders brace for key consumer inflation report: Live updates

An Hour Ago

Federal Reserve Board fines Citigroup $60.6 million

On Wednesday, the Federal Reserve Board fined Citigroup $60.6 million for violating a 2020 enforcement action, according to a press release.

“Citigroup has made insufficient progress remediating its problems with data quality management and failed to implement compensating controls to manage its ongoing risk,” the press release read. “The Board continues to monitor Citigroup’s actions to comply with the 2020 action, which remains in effect.”

The Board’s fine, combined with those of the Office of the Comptroller of the Currency, total to around $135.6 million for the bank.

— Lisa Kailai Han

2 Hours Ago

CPI report expected to show inflation falling closer to 3%

Inflation and the timing of the Federal Reserve’s first cut could be key stories to the market on Thursday, with the June consumer price index report due out before the bell. Economists surveyed by Dow Jones are looking for the CPI to be up 0.1% month over month, and 3.1% year over year.

That would still be above the Fed’s 2% inflation target, but would be a slowdown from May. Federal Reserve Chair Jerome Powell said Wednesday on Capitol Hill that the Fed doesn’t need to wait until inflation gets all the way to 2% to cut rates, especially with signs that the labor market has cooled off.

“For some time the Fed has been more focused on levels, and now it seems that they may be starting to tilt more towards a focus on trend. And if that’s the case, then the chances of a rate cut go up,” said Matt Brenner, managing vice president, investments and product management at MissionSquare Retirement.

— Jesse Pound

2 Hours Ago

S&P 500 rises in July’s first seven trading sessions

With Wednesday’s rally, the S&P 500 has led the month off with seven straight days of gains for the first time since September 2013. The index is now up 3.2% to start July.

Until Wednesday, the S&P 500 had not seen a 1% move, up or down, since June 5 — more than a month ago. That snaps a streak of 22 sessions without a 1% move, which was the longest such streak since November 2021.

 — Robert Hum

2 Hours Ago

Stocks making the biggest moves after the bell: WD-40 Company, Costco and more

These are the stocks moving the most in extended-hours trading:

  • WD-40 Company — Shares gained 11% after the maker of metal lubricants reported fiscal third-quarter results that beat analysts’ expectations.
  • PriceSmart — The membership warehouse club operator added 6% after posting a fiscal third-quarter earnings and revenue beat.
  • Costco Wholesale — Shares gained 3% after the membership-only retail chain announced its first membership rate increase since 2017.

Read the full list of stocks moving here.

— Lisa Kailai Han

2 Hours Ago

Stock futures open little changed

Stock futures traded near flat Wednesday night.

Dow futures slipped just around 0.1% shortly after 6 p.m. ET, while S&P 500 and Nasdaq 100 futures were both marginally below flat.

— Lisa Kailai Han

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