Inflation Swamps Income Gains As Fed Eyes Rate Hike; S&P 500 Wavers (Live Coverage)

The Federal Reserve's primary inflation gauge rose to the highest level since late 2023, leaving real incomes lower than a year ago in April, Bureau of Economic Analysis data revealed. The data, which showed American's saving less to keep up their spending, came as oil prices rebounded early Thursday amid dimmer hopes for a quick U.