Inflation data, US China trade talks, Tesla’s robotaxi update: Live Updates
The CPI gives the latest update on consumer inflation, President Trump’s trade team is back from talks with China and Tesla CEO Elon Musk sets the stage for the debut of the long awaited robotaxis. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Coverage for this event has ended.
A trader on the floor of the New York Stock Exchange in New York City.
Stocks slipped on Wednesday after the release of a cooler-than-expected inflation report and positive news on U.S.-China trade talks.
The S&P 500 and Nasdaq Composite fell 0.27% and 0.5%, respectively. The Dow Jones Industrial Average was flat.
The Bureau of Labor Statistics on Wednesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.1% in May compared with last month, while it was up 2.4% on an annual basis.
Those figures were slightly cooler than the estimates of economists polled by LSEG, while the annual CPI ticked up from 2.3% a month ago.
Meanwhile, the U.S. and China reached a "framework" to implement a trade deal struck between the two sides last month in Geneva, Commerce Secretary Howard Lutnick announced.
President Donald Trump then posted on Truth Social Wednesday that "our deal with China is done, subject to final approval with President Xi and me."
iStock
| Symbol | Price | Change | %Change |
|---|---|---|---|
| PZZA | $52.43 | 4.23 | 8.78 |
Shares of Papa John's spiked Wednesday on reports Irth Capital and Apollo are considering a takeover of the pizza chain, Semafor reported. The deal could be valued at $60 per share with a total price of around $2 billion.
The SALT tax, state and location tax deductions, could be bumped up to $40,000 for eligible deductions but that is likely not enough to keep residents from fleeing high tax states, according to a new report from Goldman Sachs.
Photo by Alexander Manzyuk/Anadolu via Getty Images
Gold notched modest gains Wednesday trading at $3,321.30 today an ounce but still off its all-time high $3,411.40. Year-to-date it is up $692.10 or 26.32%.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| GLD | $306.09 | -0.62 | -0.20 |
| NEM | $52.85 | 0.29 | 0.55 |
Getty Images
President Trump is keeping the pressure on Federal Reserve Chairman Jerome Powell. Trump reiterated again his call for a full percentage point rate cut after the latest consumer price inflation data which showed prices remain elevated, even though the headline number came in less than expected.
"CPI JUST OUT. GREAT NUMBERS! FED SHOULD LOWER ONE FULL POINT. WOULD PAY MUCH LESS INTEREST ON DEBT COMING DUE. SO IMPORTANT!!!" he posted on Truth Social.
This is the second time in recent days that Trump pushed for a jumbo rate cut.
After staging a public war of words with President Donald Trump, Elon Musk said he may have gone too far.
"I regret some of my posts about President
@realDonaldTrump
last week. They went too far" he said on X.
https://x.com/elonmusk/status/1932591896939147494
Tesla CEO Elon Musk confirmed the date for the highly anticipated launch of the company's robotaxis.
"Tentatively, June 22.
We are being super paranoid about safety, so the date could shift.
First Tesla that drives itself from factory end of line all the way to a customer house is June 28" he said in an X post.
Tesla Robotaxi
Tesla shares are down 14% YTD but have been recovering.
Shoppers at a grocery store in Vermont. (Getty Images)
Inflation increased slightly in May and remained above the Federal Reserve's target rate ahead of the central bank's next meeting this month.
The Bureau of Labor Statistics on Wednesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.1% in May compared with last month, while it was up 2.4% on an annual basis.
Those figures were slightly cooler than the estimates of economists polled by LSEG, while the annual CPI ticked up from 2.3% a month ago.
This is an excerpt from an article by FOX Business' Eric Revell
President Donald Trump said on Wednesday that the trade deal with China is done and subject to final approval between him and Chinese President Xi Jinping.
"FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!"
Read the full story here:
The National Guard and the U.S. Marines are protecting ICE agents as rioters continue in Los Angeles.
Small and big businesses are caught in the crossfire.
China-US Trade Talks in London, Courtesy: U.S. Treasury Department
Fresh back from London, Treasury Secretary Scott Bessent will testify on Capitol Hill Wednesday on the progress of talks with China.
The U.S. and Beijing agreeing to implement last month’s Geneva consensus which had both countries lowering tariffs - as long as President Trump and President Xi sign off on the deal. Commerce Secretary Howard Lutnick telling FOX Business the issue of rare earth minerals will be addressed in the framework, noting that previous U.S. export restrictions could be lifted in a “balanced way,” as long as it’s reciprocal.
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