IBM's pre-market decline in US stocks widened to over 20%

Federal Reserve Chair Walsh stated that AI opportunities pose a challenge to policymakers, adding that the central bank is monitoring the impact of AI on inflation and the labor market.

U.S. consumer prices fell for the first time in six years in June, while a key gauge of underlying inflation was flat, easing pressure on the Federal Reserve to raise interest rates. According to data released Tuesday by the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) dropped 0.4% from May and rose 3.5% year-over-year. The core index, excluding food and energy, was unchanged from May and rose 2.6% year-over-year. The report noted that as the most severe period of energy price shocks from Iran-related tensions began to subside, falling gasoline prices in June provided some relief for consumers. Ahead of the Fed’s meeting at the end of this month, officials are likely to welcome the data; however, renewed U.S.-Iran hostilities have pushed oil prices higher again, which could prolong the inflationary impact of the conflict. U.S. stock index futures rose and Treasury yields fell as investors scaled back bets on a July Fed rate hike. The data showed core inflation was restrained, mainly due to falling prices of goods such as apparel and used cars, while auto insurance premiums also dropped sharply.

According to monitoring by YuEmber, a crypto-based trader sold all 30,139 ETH, converting the holdings into 859 BTC valued at roughly $54.09 million. The short exchange rate stood at 0.0285, allowing the trader to repurchase a larger quantity of ETH once the exchange rate declines.

US June unadjusted CPI year-over-year rate came in at 3.5% (previous reading: 4.2%), missing market expectations of 3.8%. The seasonally adjusted US June CPI month-over-month rate stood at -0.4%, marking the sharpest decline since April 2020. (Jin10)

Federal Reserve Chair Waller stated that the U.S. Federal Reserve has "zero tolerance" for persistent high inflation. The labor market is generally stable, with solid nominal wage growth. The U.S. economy is highly resilient and growing steadily.

According to BIT (bit.com) market data, U.S. S&P 500 futures rose 0.5% and Nasdaq 100 futures gained 1.3%.