Inflation eases as U S consumer prices hold steady in May
The Commerce Department reports consumer prices were flat from April to May, the mildest such gain in over four years, with year over year inflation at 2.6 percent. Core prices rose 0.1 percent, marking the smallest increase since spring 2020, while services and gas prices show mixed moves.
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Stocks Slip After Three-Week S&P Gain Run Ends
US stocks closed lower extending a three week gain streak for the S&P 500 with the Nasdaq down 0.7 percent and the Dow off 0.1 percent. Tech names including Apple Microsoft and Meta led the retreat while inflation cooled and traders eyed possible Fed rate cuts as the quarter ends.
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Buffett to cut Gates Foundation gifts after death
Omaha based investor Warren Buffett announced $5.3 billion in charitable gifts but said he will end further donations to the Gates Foundation after his death. He plans to let his three children Howard Susie and Peter Buffett decide distribution of the rest of his roughly 128 billion fortune. He noted the Gates Foundation will receive no money after his death while other family foundations continue.
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Supreme Court Overturns Chevron Decision Limiting Regulators
The Supreme Court, in a 6 to 3 ruling, dismantles the 1984 Chevron framework that let federal agencies fill gaps in unclear laws, a move seen as a major shift toward constraining regulatory powers. Chief Justice Roberts writes for the majority with liberal justices in dissent led by Justice Kagan.
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