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Wall Street traders sent stocks lower as inflation data failed to alter bets on a pause in Federal Reserve rate cuts while JPMorgan Chase & Co. led a slide in banks after its results. Bonds wavered. The dollar rose.
Signs that price pressures are gradually abating gave a degree of comfort to investors in the immediate aftermath of the data, but the moves across asset classes waned as the session progressed. The S&P 500 fell from a record. JPMorgan sank 4.2% as investment-banking fees missed the guidance, with revenue from both underwriting and advising on mergers dropping.
Not even a slower-than-expected increase in the core consumer price index was able to sustain the advance in Treasuries that followed the data. After Fed Chair Jerome Powell and his colleagues deployed three rate cuts since September, money markets continued to project the next reduction only in mid-2026.
Today's show features:
- Chris Whalen, Chairman of Whalen Global Advisors, on JPMorgan Chase earnings and the global banking sector
- Matthew Luzzetti, Chief US Economist and Head of US Economic Research at Deutsche Bank, on the latest US CPI print and challenges to Federal Reserve independence
- Savanthi Syth, Managing Director for Airlines and Advanced Air Mobility with Raymond James, on Delta’s quarterly earnings and the airline sector outlook
- Bloomberg News Senior Editor, Equities Americas Eric Weiner on the Tuesday trade and Bloomberg Economics US and Canada Economist Stuart Paul on key data and the Federal Reserve
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