US close: Stocks mostly lower following CPI reading, trade headlines
By Iain Gilbert
Date: Wednesday 11 Jun 2025
(Sharecast News) - Major indices were mostly lower on Wednesday as market participants thumbed over a closely watched inflation report and digested US-China trade headlines.
At the close, the Dow Jones Industrial Average was flat at 42,865.77, while the S&P 500 lost 0.27% to 6,022.24 and the Nasdaq Composite saw out the session 0.50% weaker at 19,615.88.
The Dow closed just 1.10 points lower on Wednesday after US and Chinese officials were said to have reached a "framework" trade agreement in London.
Donald Trump said the deal with China was "done, subject to final approval with President Xi and me". He added that "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%."
As part of the deal, Trump said that magnets and "any necessary rare earths" would be supplied up front by China, while the White House will allow Chinese students to attend US colleges and universities. He stated that the prospect of opening up China to American trade was "a great WIN for both countries".
However, commerce secretary Howard Lutnick said that even as the framework was being finalised, US tariffs on Chinese imports would not be changed from their current levels.
Outside of trade headlines, consumer price inflation increased slightly less than expected in May, according to the Bureau of Labor Statistics, up 0.1% month-on-month to hit a new all-time high of 321.47 points. Economists were calling for a 0.2% month-on-month increase. The index for shelter was up 0.3% month-on-month, while the energy index declined 1% versus April.
On an annualised basis, however, inflation picked up for the first time in four months, hitting 2.4% in May, up from 2.3% in April, but below expectations of 2.5%. Core CPI, which strips out volatile food and energy prices, was 2.80% higher year-on-year.
Elsewhere on the macro front, US mortgage applications surged 12.5% in the week ended 6 June, according to the Mortgage Bankers Association, following the prior week's 3.9% decline. Applications to purchase a home advanced 10.3%, while those to refinance a mortgage shot up 15.6%. The weekly growth comes even as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $806,500 or less increased by one basis point to move back to 6.93%.
In the corporate space, Oracle beat quarterly earnings expectations, while revenues topped estimates on the back of significant growth in its cloud unit.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $310.56 2.23%
International Business Machines Corporation (CDI) (IBM) $281.52 1.91%
Goldman Sachs Group Inc. (GS) $624.33 1.51%
3M Co. (MMM) $147.21 1.46%
Caterpillar Inc. (CAT) $363.18 1.27%
Chevron Corp. (CVX) $144.86 1.00%
Visa Inc. (V) $373.31 0.70%
Walt Disney Co. (DIS) $119.52 0.67%
McDonald's Corp. (MCD) $301.72 0.43%
Microsoft Corp. (MSFT) $472.62 0.36%
Dow Jones - Fallers
Intel Corp. (INTC) $20.68 -6.34%
Home Depot Inc. (HD) $360.46 -2.02%
Apple Inc. (AAPL) $198.78 -1.92%
Walmart Inc. (WMT) $95.80 -1.56%
Cisco Systems Inc. (CSCO) $64.19 -1.47%
Merck & Co. Inc. (MRK) $80.32 -1.27%
Nike Inc. (NKE) $63.11 -1.19%
Verizon Communications Inc. (VZ) $43.74 -0.88%
Salesforce.Com Inc. (CRM) $265.91 -0.86%
Boeing Co. (BA) $214.00 -0.80%
S&P 500 - Risers
Fluor Corp. (FLR) $49.88 10.97%
Starbucks Corp. (SBUX) $95.39 4.33%
Bread Financial Holdings, Inc. (BFH) $54.53 4.23%
FMC Technologies Inc. (FTI) $34.28 3.97%
HF Sinclair Corporation (DINO) $38.66 3.46%
Broadcom Inc. (AVGO) $252.91 3.38%
CF Industries Holdings Inc. (CF) $95.17 3.38%
Franklin Resources Inc. (BEN) $22.55 3.11%
Devon Energy Corp. (DVN) $34.46 2.99%
Philip Morris International Inc. (PM) $183.30 2.42%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $9.54 -15.95%
Kohls Corp. (KSS) $8.78 -6.60%
American Airlines Group (AAL) $11.06 -6.59%
Intel Corp. (INTC) $20.68 -6.34%
Nucor Corp. (NUE) $117.13 -6.06%
United Airlines Holdings Inc (UAL) $78.63 -5.49%
Delta Airlines Inc. (DAL) $49.17 -4.86%
Alaska Air Group Inc. (ALK) $49.19 -4.71%
Lockheed Martin Corp. (LMT) $456.60 -4.26%
CenturyLink Inc. (LUMN) $4.16 -4.16%
Nasdaq 100 - Risers
Starbucks Corp. (SBUX) $95.39 4.33%
Broadcom Inc. (AVGO) $252.91 3.38%
KLA-Tencor Corp. (KLAC) $872.00 1.80%
Micron Technology Inc. (MU) $116.03 1.66%
Netflix Inc. (NFLX) $1,219.88 1.35%
NetEase Inc. Ads (NTES) $132.99 1.26%
Dollar Tree Inc (DLTR) $94.21 1.17%
Wynn Resorts Ltd. (WYNN) $87.52 0.98%
Liberty Global plc Series C (LBTYK) $10.28 0.59%
Cadence Design Systems Inc. (CDNS) $307.20 0.49%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $3.10 -8.55%
American Airlines Group (AAL) $11.06 -6.59%
Intel Corp. (INTC) $20.68 -6.34%
Check Point Software Technologies Ltd. (CHKP) $222.59 -3.07%
J.B. Hunt Transport Services Inc. (JBHT) $140.90 -2.95%
Skyworks Solutions Inc. (SWKS) $72.82 -2.84%
Ross Stores Inc. (ROST) $136.39 -2.63%
T-Mobile Us, Inc. (TMUS) $230.94 -2.55%
Amazon.Com Inc. (AMZN) $213.20 -2.03%
Apple Inc. (AAPL) $198.78 -1.92%
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