An inflation gauge that the Federal Reserve uses as its primary barometer jumped to its highest 12-month gain in more than 40 years in June.  The personal consumption expenditures price index rose 6.8%, the biggest 12-month move since 1982. The index rose 1% from May, tying its biggest monthly gain since 1981.

Apple reported fiscal third-quarter earnings that beat Wall Street expectations for sales and profit but showed slowing growth for the iPhone maker.  Apple’s revenue rose 2% during the quarter to $83 Billion, compared to 36% growth during the same period last year and over 8% growth in the March quarter. Apple’s iPhone sales exceeded Wall Street expectations, suggesting that demand for iPhone 13 models remains strong even in the second half of the product’s annual release cycle. Apple typically releases new iPhones in September and sales fall as customers anticipate new models. 

Shares of Amazon are higher after the company reported better-than-expected second-quarter revenue and gave an optimistic outlook.  Revenue grew by 7% in the second quarter which topped estimates, bucking the trend among its tech peers, most of which have all reported disappointing results.