This decline in the all items index was the largest 1-month decrease since April 2020,” the Bureau of Labor Statistics said.

There was some good news on inflation in June as prices rose at an annual rate of 3.5%, lower than forecast and a sharp drop from the prior month on lower energy prices, the Bureau of Labor Statistics said on Tuesday.

Inflation eased in June but economists say tariffs, AI-driven demand and renewed fighting between the U.S. and Iran could keep price pressures elevated for months to come.

Inflation cooled last month as the cost of gas, clothes, and used cars fell, providing some relief to consumers, though much of the progress could be reversed if the Iran war keeps worsening

Federal Reserve Chairman Kevin Warsh told the House Financial Services Committee that the central bank has "no tolerance for persistently elevated inflation."

The new chairman binds the Fed to a goal without hinting at interest-rate path, two weeks before a meeting where some officials could press for an increase.

Warsh is expected to further draw out his plans ‌for the Fed and thoughts about the economy during two days of testimony before lawmakers in Congress on Tuesday and Wednesday. T

As events in the Middle East continue to rattle the globe, Warsh faces lawmakers to discuss the path ahead for the US economy. Follow for live updates.

IBM shares sank as much as 25% as the company issued a profit warning citing a shift in customer spending from software to AI hardware and memory chips.

"This quarter we faltered," IBM CEO Arvind Krishna said in a letter to investors released Tuesday after worse than expected quarterly results.

IBM stock was pacing toward its worst day ever on Tuesday after the company’s preliminary second-quarter earnings missed analysts’ targets. In a letter to shareholders, CEO Arvind Krishna explained that the shortfall was largely driven by the company’s infrastructure business.

CEO blamed the shortfall on weakness in the software and infrastructure business because clients shifted money toward hardware purchases.

China’s customs agency says its exports accelerated in June, jumping 27% from a year earlier, driven by strong demand due to the boom in artificial intelligence

China’s customs agency says its exports accelerated in June, jumping 27% from a year earlier, driven by strong demand due to the boom in artificial intelligence. The increase in exports in June

China’s exports surged more than expected in June, defying forecasts of a slowdown and providing a vital boost to an economy still weighed down by weak domestic demand.

China's exports and imports both recorded strong growth in June, official data revealed on Tuesday. Exports rose 27.0% on an annual basis, even more strongly than the 19.4% increase in May, the customs authority said.

Iran's oil exports ​are continuing as ‌usual despite the cancellation last week ​of a ​60-day waiver of U.S. ⁠oil sanctions, ​oil minister Mohsen ​Paknejad said on his official Telegram account ​on Tuesday.

Brent crude prices are at their highest since the days before the U.S. and Iran signed a memo of understanding aimed at reopening the strait and pausing hostilities.

Renewed conflict between the US and Iran has caused a surge in oil prices, with Brent crude reaching $86. A US blockade of the Strait of Hormuz and wider regional strikes are fueling uncertainty and stoking inflation fears in the US.

August WTI crude oil (CLQ26) today is up +3.46 (+4.87%), and August RBOB gasoline (RBQ26) is up +0.1036 (+3.47%). Crude oil and gasoline prices are up sharply today amid an escalation of US-Iran hostilities over control of the Strait of Hormuz.

All market data delayed 20 minutes.

A month on from the firm's stock market debut, the reality of how SpaceX currently makes money has seemed to come into clearer focus.

SpaceX stock soared in the days following its IPO. New research suggests shares are a buy following a harsh correction. 10 stocks we like better than Space Exploration Technologies › After an incredible post-IPO performance,

The company has shed more than $800 billion in market value from its $2.67 trillion peak in less than a month.