Stock Market Today: Live Updates

Inflation expectations fell in June as consumers expected the pace of increases in gasoline, food and a host of other expenses to slow, according to a survey by the New York Federal Reserve released Monday.

The central bank’s consumer expectations survey showed that the one- and five-year inflation outlook declined by 0.2 percentage points to 3% and 2.8% respectively. However, the three-year outlook edged up to 2.9%.

Domestically, forecasts for food and energy price increases both fell by 0.5 percentage points to 4.8% and 4.3%, respectively. Forecasts for medical care costs fell by 1.7 percentage points to 7.4%, while forecasts for rent inflation fell by 2.6 percentage points to 6.5%.

—Jeff Cox

U.S. crude oil fell 1% on Monday as traders monitored the impact of Hurricane Beryl on Gulf Coast refining, production and export infrastructure.

Beryl made landfall near Matagorda, Texas, as a Category 1 hurricane with maximum sustained winds of 80 mph (130 km/h), according to the National Hurricane Center. Matagorda is about 150 miles (240 km) northeast of Corpus Christi, a major U.S. crude oil export facility.

Shell has shut down production and evacuated personnel from its Perdido platform, about 200 miles south of Galveston, according to a company statement Friday.

— Spencer Kimball

Stocks opened higher on Monday as investors braced for inflation data and the start of second-quarter earnings season this week.

The S&P 500 and Nasdaq Composite gained 0.1%, while the Dow Jones Industrial Average gained 144 points, or 0.3%.

—Brian Evans

Check out the companies making headlines before the bell.

Morphic Holding — Shares jumped more than 75% after Eli Lilly announced it would acquire the biopharmaceutical company for $3.2 billion. The deal will give Eli Lilly access to Morphic’s pipeline of treatments, including those for ulcerative colitis and Crohn’s disease. Eli Lilly shares rose 0.2% on the news.

Paramount Global – Shares rose 2% after news broke Sunday that the media and entertainment company has reached a merger agreement with Skydance Media.

SolarEdge — The energy company rose 5% after Bank of America upgraded its rating to neutral from underperform, citing an attractive entry point for investors. However, the company said it was looking for “more tangible” margin and a recovery in cash flow.

The full list can be found here.

—Hakyung Kim

French stocks rose on Monday as markets reacted to the left’s surprise victory in the country’s legislative elections.

The CAC 40 index erased earlier losses to gain 0.5% as of 10:00 a.m. London time (5:00 a.m. Eastern time). The euro was steady against the dollar and bond markets were also relatively quiet.

François Digard, head of French equity research at Kepler Cheuvreux, said a parliament without an absolute majority was what the market was expecting.

“As expected, we have a parliament without an absolute majority, so last week the market played that role… We just expected it to be more to the right and in the end it is to the left,” he told CNBC on Monday.

Read the full story here.

— Katrina Bishop

Boeing has agreed to plead guilty to a criminal fraud charge months after federal prosecutors alleged the planemaker violated a 2021 settlement that shielded it from prosecution.

Under the agreement announced Sunday night, Boeing will pay a $243.6 million fine, establish an independent compliance monitoring agency for three years and invest at least $455 million in compliance and safety programs. The deal must be approved by a federal judge before it goes into effect.

In 2021, Boeing reached a $2.5 billion settlement with the Justice Department over charges related to the fatal 737 Max crashes. That deal included the original $243.6 million criminal penalty, compensation for the airlines and a $500 million fund for the victims’ families. An attorney for the victims’ family members said he plans to ask the federal judge overseeing the case to reject the settlement and set the case for a public trial.

— Leslie Josephs, Christine Wang

European stocks rose Monday morning as markets reacted to the prospect of a hung parliament in France following a surprise victory by a coalition of left-wing parties.

France’s CAC 40 index erased earlier losses to gain 0.2% at 8:35 a.m. London time (3:35 a.m. Eastern time). The euro was flat against the dollar.