Overview

• US consumer prices in May rose 2.4% year-over-year, below forecasts and boosting the odds of a Federal Reserve rate cut to nearly 70% by September according to the CME FedWatch tool.
• The S&P 500 has recovered from a 20% slump to within 2% of its all-time high, while the dollar index slid to its weakest level since April 22 amid tariff anxiety.
• Washington and Beijing struck a framework agreement on rare-earth minerals and Chinese student visas, but investors are awaiting full details from Presidents Trump and Xi.
• President Trump plans to send letters within two weeks to more than 150 trading partners setting unilateral tariff rates for those who fail to make acceptable offers.
• Oil has climbed toward $70 a barrel on rising Middle East tensions, and Boeing shares tumbled after a Dreamliner crashed shortly after takeoff from Ahmedabad.