Bonds & Stocks
A rally in chipmakers lifted stocks as Micron Technology Inc.’s blowout outlook bolstered confidence in the artificial-intelligence trade, with the market also buoyed by data showing a solid economy and in-line inflation. The S&P 500 rose 0.7%. The yield on 10-year Treasuries declined one basis point to 4.38%.
Economy
US consumer spending accelerated in May even as prices rose at the fastest pace in more than three years, suggesting Americans are powering through the fallout from the Iran war. The personal consumption expenditures price index rose 4.1% from a year earlier, the most since April 2023.
World
At least 164 people died and more than 1,000 were injured after back-to back earthquakes struck Venezuela, toppling buildings and severely damaging the country’s main international airport. Government officials are warning the toll will rise.