Stock Market Today: Live Updates

2 hours ago

Federal Reserve Board Fines Citigroup $60.6 Million

The Federal Reserve Board on Wednesday fined Citigroup $60.6 million for violating a 2020 enforcement action, according to a news release.

“Citigroup has not made sufficient progress in resolving the data quality management issues and has failed to implement compensating controls to manage its ongoing risk,” the press release said. “The Board continues to monitor Citigroup’s actions to comply with the 2020 action, which remains in effect.”

The Council’s fine, combined with that of the Office of the Comptroller of the Currency, totals approximately $135.6 million for the bank.

— Lisa Kailai Han

3 hours ago

CPI report expected to show inflation closer to 3%

Inflation and the timing of the Federal Reserve’s first rate cut could be key stories for markets on Thursday, with the June Consumer Price Index report due before the bell. Economists polled by Dow Jones expect CPI to rise 0.1% month-on-month and 3.1% year-on-year.

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

“The Fed has been more focused on levels for a while, and now it looks like they’re going to be more focused on trends. And if that’s the case, then the likelihood of a rate cut is higher,” said Matt Brenner, managing vice president, investments and product management at MissionSquare Retirement.

—Jesse Pound

3 hours ago

S&P 500 rises in first seven trading sessions of July

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

Through Wednesday, the S&P 500 hadn’t moved 1%, up or down, since June 5 — more than a month ago. That ended a streak of 22 sessions without a 1% move, the longest streak since November 2021.

Robert Hum

3 hours ago

Stocks Making the Biggest Moves After the Bell: WD-40 Company, Costco and More

These are the stocks that move the most during after-hours trading:

  • WD-40 Company — Shares rose 11% after the metal lubricants maker reported third-quarter results that beat analysts’ expectations.
  • PriceSmart — The membership warehouse club operator rose 6% after reporting better-than-expected profit and revenue in its fiscal third quarter.
  • Costco Wholesale — Shares rose 3% after the members-only retailer announced its first membership fee increase since 2017.

Read the full list of moving stocks here.

— Lisa Kailai Han

3 hours ago

Stock futures open little changed

Stock futures were trading virtually flat on Wednesday evening.

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

— Lisa Kailai Han

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