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By Kristin Myers, Editor-in-Chief

What's Happening Today

Markets are mixed today, following Friday's positive momentum. The question remains whether this bear market (a decline of 20% from a recent high) has hit the bottom, or if stocks will decline even further.

U.S. equities have been strained, with investors concerned about persistently high levels of inflation and a potential recession as the Federal Reserve raises interest rates to counter higher prices—a move the Fed has said could lead to a recession.

For Americans looking forward to celebrating Independence Day, inflation will also make its way onto your grills as you barbecue. Fourth of July staples like meat and propane fuel could cost 10% to 26% more this year, according to our analysis of the latest inflation data, and chicken wings alone are 54% more expensive.

Meanwhile, a report by the U.S. Census Bureau showed orders for durable goods—big-ticket items like planes, cars, and computers—rose in May, as consumer sentiment fell to an all-time low this month, according to the University of Michigan's Consumer Sentiment Index.

At the same time, pending home sales, considered a key indicator of where the housing market is going, increased in May for the first time in six months, according to an index gathered by the National Association of Realtors. The housing market has been under pressure amid record median home prices and rising mortgage rates.

- Kristin

Editors' Picks

High Prices Drove Up Orders for Big-Ticket Items in May (The Balance)

A $2 Trillion Free-Fall Rattles Crypto to the Core (Bloomberg)

Consumer-Staples Stocks Are Bright Spot in Bleak Market (The Wall Street Journal)

Companies Scramble to Adapt Health Benefits After Roe Overturned (Axios)

The Quest to Beat High Gas Prices (The New York Times)

Why Does Raising Rates Slow Inflation? (The Balance)

I Don't Want to Pay Interest on My Student Loan. How Do I Avoid It? (The Balance)

Off the Charts

The median monthly payment on an application for a new 30-year fixed-rate mortgage rose to $1,897 in May, up from $1,383 at the beginning of the year, according to the Mortgage Bankers Association (MBA). The good news for would-be homebuyers is that this was only $8 more than in April, marking a distinct slowdown in how much worse affordability is getting.

Number of the Day

79% - That's how many consumers said they're expecting bad times for business conditions in the year ahead, the most since 2009 and another sign of inflation's toll.