Fed interest rate hike this month likely to climb to 1%

The S&P 500 recovered nearly all of its early week losses on Thursday and Friday as investors digested more troubling inflation data and the first batch of second-quarter earnings reports.

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On Wednesday, the US Labor Department reported the consumer price index increased by 9.1% in June, the largest inflation reading since November 1981. The bond market is now pricing in a more than 40% chance the Federal Reserve will raise interest rates by 1% at its July meeting.

On Tuesday, Twitter filed a lawsuit against Tesla CEO Elon Musk in an effort to force Musk to complete his $44-billion takeover agreement for the social media platform. Musk offered to buy Twitter at a price of $54.20 back in April but backed out of the deal on July 8, claiming Twitter failed to provide accurate information related to its number of spam accounts.

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Former NASCAR driver Bobby East fatally stabbed at California gas station

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