U.S. stocks were flat on Tuesday following the conclusion of the historic summit between President Trump and North Korean leader Kim Jong Un. The two leaders signed what was being considered an agreement that acknowledged progress in their talks.
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The joint text signed by Trump and Kim, committed to “complete denuclearization” of the Korean Peninsula.
Kim was quoted as saying that the world will see a major change and thanked Trump for making the meeting happen.
Meanwhile, economic data released on Tuesday included consumer prices. The consumer price index (CPI) increased by 0.2% in May, according to a government report, in line with Wall Street’s expectations. The annual CPI rate rose to 2.8%, its highest since 2012.
In company news, traders await the Department of Justice’s ruling on AT&T’s proposed $85 billion acquisition of Time Warner. A favorable ruling is expected, and the sentiment is that if the deal is approved it will spark a bidding war for certain 21st Century Fox assets, including a rival bid from Comcast for the assets that Disney is buying from Rupert Murdoch’s empire for $52 billion. Comcast shares slipped slightly, while Fox shares climbed.
Stocks in Asia rose on Tuesday on optimism that the U.S.-North Korea summit would lead to a denuclearization of the Korean Peninsula.
Stateside, stocks finished the Monday session slightly higher as traders awaited the historic summit.
In commodities, oil futures oscillated. The Organization of Petroleum Exporting Countries released its latest monthly update on the oil market, and the group’s commentary on the oil market suggested ramping up output isn’t a guarantee. The group of oil producers will