Finance

The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures price index, rose 0.3% on a core basis in May, matching economist expectations. While headline figures showed some stickiness at 4.1% annually, the absence of an upward shock provided a sense of stability to market participants.

Crude oil prices fell below $70 per barrel, reaching levels not seen since before the recent conflict involving Iran. Increased tanker traffic through the Strait of Hormuz has mitigated supply disruption fears, providing relief for transportation and discretionary sectors.

U.S. Treasury yields moved lower across the curve, with the 10-year note yield falling toward 4.37% as cooling energy costs eased long-term inflation concerns. Traders are balancing these declines against updated GDP figures, which revised first-quarter growth upward to an annualized rate of 2.1%.