Equity Roundup:

Stocks trading broadly weaker, major indexes trading sideways (ESM2 -114.5 (-2.85%) at 3901.25) after establishing session lows by midmorning following CPI inflation 1.0% jump in May after rising 0.3% in April as gasoline.

• Heavy FI short end selling (2YY topped 3% to 3.0362% a 14Y high) on inflation surge has market expecting Fed to hike US into a recession, Barclays calling for surprise 75bp hike from Fed next week.
  
• Technicals: S&P E-Minis failed to overcome resistance at the 50-day EMA - the average intersects at 4169.30. Heavy selling paves way for weakness towards the key support and bear trigger at 3807.50, the May 20 low. A breach of this level would resume the downtrend. Key short-term resistance, just above the 50-day EMA, is at 4202.25, May 31 high.
  
• SPX leading/lagging sectors: Consumer Staples (-0.55%) with food, beverage and tobacco outperforming, followed by Utilities (-0.72%). Laggers: Consumer Discretionary (-4.26%) with retailing, autos and consumer services equially weighing on the sector. Information Technology and Materials sectors both -3.51%.
  
• DJIA -820.15 (-2.54%) at 31451.12; Nasdaq -413.8 (-3.5%) at 11340.05.
  
• Dow Industrials Leaders/Laggers: Walmart (WMT) +0.25 at 121.27, followed by Verizon (VZ) holding steady at 50.94. Laggers: Goldman Sachs (GS) -16.70 at 287.52, Microsoft (MSFT) -10.48 at 254.31 and Home Depot (HD) -10.39 at 254.40.