Economic Indicators - The Producer Price Index (PPI) for June showed a month-over-month change of 0.0%, which was lower than the expected +0.2% and down from the revised +0.3% of the previous month [2][3] - Year-over-year, the headline PPI increased by +2.3%, which is 30 basis points below expectations and the lowest since +2.1% reported in September of the previous year [4] - Core PPI year-over-year reached +2.6%, slightly below estimates and down 40 basis points from the May figure of +3.0% [4] Financial Sector Performance - Bank of America reported earnings of 89 cents per share, beating expectations by 3 cents, although revenues missed estimates by 0.5% [7] - Goldman Sachs delivered a strong Q2 earnings report with earnings of $10.91 per share, surpassing expectations by +15.7% and revenues of $14.58 billion, exceeding estimates by +8% [8] - Morgan Stanley reported earnings of $2.13 per share and revenues of $16.79 billion, outperforming consensus estimates by +10.36% and +5.5% respectively [9] Company-Specific Highlights - Johnson & Johnson's Q2 earnings beat expectations with earnings of $2.77 per share, exceeding projections of $2.66, and revenues of $23.7 billion, which were higher than the expected $22.80 billion [10]

Inflation & Interest Rates - PPI 显示通胀目前受到控制 [1] - 生产者价格指数（PPI）低于预期，总体和核心指数均上涨 01% [2] - 市场更有信心预计今年将有两次降息，9 月和 12 月降息的可能性约为 75% [5] - 总统表示，如果降低利率 1 个百分点，每年将节省约 3000 亿美元 [6][7] - 欧洲已经降息 10 次，而美国尚未降息 [8] Tariff Impact - 关税的影响可能被出口商、批发商和零售商的利润吸收，只有一小部分转嫁给消费者 [4] - 关税可能被其他商品因经济疲软或其他因素（如导致机票价格下降的因素）而导致的价格下降所抵消 [4] - Evercore ISI 认为，虽然预计关税最终会导致更高的通胀，但持续疲软的通胀数据可能表明关税传递弱于预期，从而略微降低通胀的上行风险 [3] Fed Policy - 市场普遍认为，美联储将等待几次会议，以确保关税问题得到妥善解决后再降息 [6] - 如果美联储因不确定关税的影响而不降息，那么取消关税或美联储降息将是更好的选择，从财政角度来看 [8] - 市场已对降息进行定价，但如果美联储在市场认为合适之前降息，可能会导致长期利率走高 [10] Market Analysis - 2 年期和 10 年期国债收益率之间的息差相对陡峭，表明长期市场并不欢迎降息 [10] - 10 年期国债收益率似乎在 430-450 之间波动 [11][12]

Inflation Trends (PPI) - Headline PPI for May increased by 01% (one-tenth of a percent), lower than expected [1] - Previous month saw a significant decrease of 05% (minus half of 1%), the largest drop since COVID [1] - PPI excluding food and energy rose by 01% (one-tenth of a percent) [2] - Year-over-year headline PPI increased by 26%, slightly higher than the previous month's 24% [3] - PPI excluding food and energy increased by 3%, slightly lower than the previous month's 31% [4] - PPI excluding food, energy, and trade increased by 27%, showing progress from the previous 29%, reaching levels of January 2024 [4][5] Labor Market - Initial jobless claims reached 248000, approaching 250000, and are unchanged from the slightly revised previous week's 248000, reaching levels last seen in October of the previous year [6] - Continuing claims are nearing 1956 million, marking the third consecutive week above 19 million, the highest since November 2021 [6] Market Reaction - Interest rates remained relatively stable despite some weakness observed in equities [6] - Pre-opening equities were in the red, showing a slight improvement following the data release [7]