2 hours ago
Federal Reserve Fines Citigroup $60.6 Million
The Federal Reserve on Wednesday fined Citigroup $60.6 million for violating a 2020 enforcement action, according to a press release.
“Citigroup failed to adequately remediate its data quality control issues and failed to implement compensation controls to manage ongoing risk,” the release said. “The Board will continue to monitor Citigroup’s actions in compliance with the 2020 Measures, which remain in effect.”
The commission’s fine and the Office of the Comptroller of the Currency’s penalty bring the bank’s total penalties to approximately $135.6 million.
— Lisa Kailai Han
2 hours ago
CPI report predicts inflation will fall to closer to 3%
Inflation and the timing of the Federal Reserve’s first interest rate cut are likely to be key talking points for the market on Thursday. The Consumer Price Index for June is due to be released before the close of trading. Economists surveyed by Dow Jones expect the index to have risen 0.1% from the previous month and 3.1% from a year ago.
That would still exceed the Fed’s 2% inflation target, but it would slow from May. Federal Reserve Chairman Jerome Powell told Congress on Wednesday that the Fed doesn’t need to wait until inflation hits 2% before cutting interest rates, especially with signs the labor market is cooling.
“The Fed has been focused on the level of rates for a while, but now it appears they’re starting to lean more toward focusing on trends, which, if true, increases the likelihood of a rate cut,” said Matt Brenner, managing vice president of investment and product management at Mission Square Retirement.
Jesse Pound
2 hours ago
S&P 500 rises through first seven trading sessions of July
Wednesday’s gains gave the S&P 500 its first seven-day winning streak to start the month since September 2013. The index is up 3.2% so far in July.
Through Wednesday, the S&P 500 hadn’t moved 1% — either up or down — since June 5, more than a month ago. That snapped a 22-session streak without a 1% move, the longest since November 2021.
— Robert Ham
2 hours ago
Biggest movers after the close: WD-40, Costco, etc.
The most volatile stocks in extended trading hours are:
- WD-40 Inc. — Shares rose 11% after the metal lubricant maker reported third-quarter results that beat analysts’ expectations.
- PriceSmart — Shares of the members-only warehouse club operator rose 6% after the company reported better-than-expected third-quarter profit and revenue.
- Costco Wholesale — Shares rose 3% after the membership-based retail chain announced its first membership fee increase since 2017.
See the full list of stocks moving here.
— Lisa Kailai Han
3 hours ago
Stock futures little changed
Equity futures were trading roughly flat Wednesday night.
Dow futures were down about 0.1% just after 6 p.m. ET, while S&P 500 futures and Nasdaq 100 futures were both slightly flat.
— Lisa Kailai Han
