Stock Market Live June 11: S&P 500 (VOO) Falls Despite a Tame Inflation Report

This article will be updated throughout the day, so check back often for more daily updates.

Investors received further encouragement that tariffs aren’t driving crazy rates of inflation this morning. The producer price index — like the consumer price index yesterday — rose a tame 0.1% in May. Economists had worried the rise would be 0.2%, so this is good news. On the other hand, continuing jobless claims last week came in at a disconcerting 1.96 million, indicating the jobs market isn’t looking great. This was the highest number of claims for continuing unemployment benefits seen since November 2021.

Investors seem nervous, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) is down 0.3% in premarket trading.

In happier news, yesterday’s IPO of space station construction company Voyager Technologies (NYSE: VOYG) — there’s a business you don’t see every day! — was a smashing success. Shares that were expected to price between $26 and $29 a share ended up IPO’ing at $31 — then surged as high as $73.95 in their first day of trading.

Voyager ended up closing at $56.48 yesterday, and are up about 5% in premarket trading this morning.

IPO update

IPOs remain in the news Thursday, with new fintech stock Chime pricing its IPO at $27 yesterday, again, higher than investors expected. The online banking services provider is being valued at $11.6 billion. Chime begins trading later today on the Nasdaq under ticker symbol CHYM.

Earnings

Two furniture companies reported earnings this morning. Hooker Furniture (Nasdaq: HOFT) missed earnings badly with a $0.29 per share loss reported on sales of $85.3 million. The Lovesac Company (Nasdaq: LOVE) beat earnings, but still reported a loss — $0.73 per share — and its sales of $138.4 million were worse than expected.

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