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June CPI Comes In Low, Bank Earnings Kick Off, and IBM Drags Down Software
June CPI came in surprisingly low this morning, with the month over month down 0.4% and year over year at 3.5%, a nice cooldown from the US-Iran war energy highs as gas prices came off. Bank earnings are kicking off with JPMorgan reporting a record revenue beat, though the stock is roughly flat, and Wells Fargo, Bank of America, and Goldman Sachs all reporting. I will have a deep dive on the banks on Substack later today. The bigger mover is IBM, which put out weak preliminary Q2 numbers and crashed hard, dragging the whole software space down with it. ZeroHedge is running the SaaS apocalypse…
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