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Despite fears that abruptly imposed, then removed — but maybe only to be reimposed again — tariffs rates would frighten consumers and spook sellers into raising prices, the U.S. Bureau of Labor Statistics reported Wednesday that the consumer price index rose only 0.1% in May, implying an annual inflation rate of 2.4%. Economists had been predicting a 0.2% rise (and the same annual rate), so the 0.1% rate is considered “good news” on the inflation front. A 1% month-on-month decline in energy prices helped to keep the total inflation picture tame, offsetting 0.3% rises in food and shelter costs.
Adding to the good news, “core inflation” that excludes food and energy costs also rose only 0.1%, which was also less than the 0.3% expected.
Investors are responding positively to this revelation, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) is up 0.1% in the first hour of trading.
Earnings
There’s not a whole lot of news on the earnings front this morning, but online petfood-ordering company Chewy (NYSE: CHWY) did report a modest $0.03 per share beat on earnings this morning. Earnings for Chewy’s fiscal Q1 2026 came in at $0.35 per share, and revenue was better than expected at $3.1 billion.
In other e-commerce news, online clothes subscription service Stitch Fix (Nasdaq: SFIX) had a positive report after the bell last night. The company lost $0.06 per share in its fiscal Q3 2025 report, but was expected to lose $0.11, so — good news! Revenue was also about $10 million better than expected at $325 million.
Analyst Calls
Referring back to yesterday’s earnings report from S&P 500 component company S.J. Smucker (NYSE: SJM), investment banker Jefferies decided to upgrade the packaged foods company to buy. “While we understand investor concern” over Smucker’s weak guidance, commented Jefferies, “we think F’26 may have been de-risked and believe its portfolio remains growth advantaged vs. peers.”
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