economy
CNBC Daily Open: Trump expresses 'love' for inflation print and anger at Iran
U.S. inflation reached a three-year high of 4.2%, with Trump arguing that ending the war will resolve both the conflict and rising prices.
TL;DR
- U.S. consumer prices rose 4.2% annually in May, a three-year high, with President Trump expressing a positive view on inflation.
- The U.S. initiated strikes in Iran overnight, escalating tensions over the Strait of Hormuz and impacting oil prices.
- U.S. crude oil futures and Brent futures saw significant gains due to the geopolitical situation.
- The May CPI report indicated rising energy costs, with market expectations favoring the Fed to keep interest rates steady.
- Wall Street experienced a sharp decline, with the Dow shedding over 900 points; chip stocks also sold off.
- SpaceX's IPO is expected this week, potentially the largest in history, followed by confidential filings from OpenAI and Anthropic.
- Meta Platforms will lease an AI-enabled data center in India from Reliance Industries, a significant investment in scaling AI infrastructure.