Finance

The Producer Price Index for final demand fell by 0.3% in June, primarily driven by a 1.4% decline in the cost of goods. This represents the most significant monthly decrease in producer goods prices since mid-2022, providing further evidence of easing inflationary pressures across the supply chain.

BlackRock reported record assets under management of $15.3 trillion following massive net inflows, while Johnson & Johnson raised its full-year guidance after quarterly sales surpassed $25 billion. These robust results from financial and healthcare leaders have helped bolster market sentiment during the early stages of the earnings season.

In his first testimony before lawmakers since taking leadership of the central bank, Fed Chairman Kevin Warsh emphasized his commitment to making high inflation a thing of the past. While he maintained a data-dependent stance and offered no immediate signals on future rate cuts, he reiterated the target of returning inflation to the 2% goal.