CPI Increased In-Line With Expectations

Economic Indicators - The Consumer Price Index (CPI) for June increased by +0.3% month over month, which is in line with expectations and 20 basis points higher than the previous month [2] - Year-over-year CPI rose to +2.7%, marking a +30 basis points increase from the previous month, the highest since February [3] - Core CPI year over year reached +2.9%, up 10 basis points month over month and 10 basis points below estimates [3] Manufacturing and Economic Sentiment - The Empire State Index for July improved to +5.5 points, significantly better than the expected -9.0 and the previous month's -16.0, indicating a positive shift in manufacturing sentiment [5] Banking Sector Performance - JPMorgan Chase reported Q2 earnings of $4.96 per share, exceeding estimates by +10% and revenues of $44.91 billion, which surpassed estimates by +2.5% [7] - Citigroup's Q2 earnings were $1.96 per share, surpassing the consensus of $1.61, with revenues of $21.67 billion beating expectations of $20.98 billion [8] - Wells Fargo posted Q2 earnings of $1.54 per share, exceeding projections of $1.41, with revenues of $20.82 billion, showing a modest surprise of +0.57% [9]