CNBC’s Rick Santelli joins ‘Squawk box’ to break down the latest economic data to cross the tape.

Washington

The U.S. producer price index (PPI), a key measure of wholesale inflation, rose by 0.1% in May, which was below market expectations. Excluding food and energy, the PPI also increased by 0.1%, again coming in lower than anticipated. Year-over-year, the headline PPI was up 2.6%, while the core measure excluding food and energy rose 3%. Meanwhile, initial jobless claims reached 248,000, the highest since October of the previous year, and continuing claims remained above 1.9 million for the third consecutive week, marking the highest level since November 2021. Interest rates showed little change following the data release, while equity markets remained weak.

Wholesale price measure rose just 0.1% in May, below forecast

Rick Santelli is standing by at the CME. Rick, take it away. Yes, Becky, these are wholesale inflation numbers in the form of the producer price index for the month of May, up one-tenth of a percent on headline. That is very much one-tenth less than expectations. But do remember, in the rearview mirror, we had the trifecta of negative numbers. We had minus half a one percent last month. That was a very big number, the worst since COVID, or I should say the biggest drop. It isn't necessarily bad to see inflation going away. If you strip out the all-important food and energy, it remains up one-tenth. As I said before, these are much cooler numbers. We're expecting up three-tenths. Now, this follows a big down number, as I said, down four-tenths on ex-food and energy. That was the biggest. Going back to February of 15, it equaled down four-tenths. We've never had a bigger number. But then again, this series was modified. It only goes back to 2010. Let's take out food, energy, and trade. Once again, it's up one-tenth. And once again, that's a couple-tenths lighter than expectations. Last month, minus one-tenth was indeed one of those big numbers. The only other negative number we had was COVID-related, down four-tenths. Now, if we look at the year-over-year numbers, and these are important. This is where the stickiness comes in. Year-over-year headline, up 2.6. As expected, but two-tenths warmer than the rearview mirror. 2.4 was in the rearview mirror. 3.4 was March. That's what we're comping to. Take out food and energy, three percent, one-tenth less than expectations, one-tenth less than last month, which was 3.1. Where does it come to? Comes to August of last year when we were at 2.8. So in a way, been there, done that. That's the stickiness I talked about. And finally, if we look at ex-food, energy, and trade, that's 2.7, three-tenths less than we were expecting, and some progress here. 2.9 was our last look. 2.7 would equal Jan of 24 to find the lower number. You're back to Thanksgiving of 23. Now, let's look at initial and continuing claims. $248,000 on initial claims. As we inch ever closer to $250,000, that follows a slightly revised $247,000, which becomes $248,000. Unchanged on the week, and to put a face on this, you have to go back to October of last year to find a higher number, and we all know what that was. October of last year, you're talking about $250,000. We finally traded above that, and on continuing claims, $1,956,000, getting ever closer to $2 million. Now, this remains the third consecutive week above $1.9 million, and these are the highest numbers since Nov of 21. Interest rates really aren't changed much, but they're already well down due to some of the weakness we're seeing in equities that may have to do with that crash, that unfortunate crash, and the pre-opening equities. Well, they're in the red, and they have been in the red. A very subtle amount of improvement on this data. Becky, Joe, back to you.

Russia's Vladimir Putin has rejected President Trump's ultimatum for Moscow to sign a ceasefire deal with Ukraine in the next 50 days. Trump has threatened to issue a 100% tariff on any country that does business with Russia if no ceasefire deal is reached.

Moscow

Ukraine Invasion

Russia rejects Trump's ultimatum for ceasefire in Ukraine

Fighting has erupted in the southern Syrian city of As Suwayda just six hours after a ceasefire was announced. Earlier on Tuesday, Syrian government forces withdrew heavy vehicles from the city, hoping to ease tensions.

As Suwayda

Fighting erupts in Syria’s As Suwayda hours after ceasefire deal

Two laptops and hard drives containing watermarked and unreleased music by Beyoncé were stolen from her choreographer’s rental car in Atlanta, according to police.

Atlanta

Unreleased Beyoncé music stolen from choreographer’s rental car

The House Committee on Education and Workforce is holding its ninth hearing in 18 months on antisemitism on college campuses. CBS News' Shanelle Kaul has more details.

Anger at House committee hearing on antisemitism in college campuses

An Air India Boeing airplane crashed in northwestern India in June, killing all people on board but one passenger. India's aviation regulator has now ordered airlines to examine fuel control switches on several Boeing models.

New Delhi

India orders airlines to inspect Boeing airplane models after crash

Controversy on Capitol Hill over the so-called Epstein Files is seemingly not going away anytime soon.

House Republicans block Democratic push to release Epstein documents

An Israeli scheme to move hundreds of thousands of already uprooted Palestinians to a so-called "humanitarian city" in Gaza has led politicians to spar with the defense establishment. Critics inside and outside Israel have denounced the proposal.

Jerusalem

Middle East Conflict

Critics slam Israeli scheme to move Gazans to 'humanitarian city'

At least two people were killed in a New Jersey flash flooding event, Gov. Phil Murphy said Tuesday morning as heavy rains are expected to continue battering the Northeast. CBS News' Rob Marciano has more details.

New Jersey

Two killed in New Jersey flash flooding

After over a week of negotiations in Doha, a truce in Gaza remains elusive, despite intensified efforts by mediators. The stalemate continues as both Hamas and Israel trade blame over ongoing strikes.

Doha

Gaza truce still out of reach after Doha talks

The U.S. Supreme Court on Monday cleared the way for President Donald Trump's administration to resume dismantling the Department of Education, part of his bid to shrink the federal government's role in education in favor of more control by the states.

U.S. Supreme Court clears way for Trump to gut Education Department

Syria's government troops entered the Sweida region following deadly clashes on Tuesday, while Israel carried out strikes against them, saying it was acting to protect the Druze minority.

Syrian forces enter Sweida city following deadly clashes

Heavy rains slammed the Northeast and caused flash floods in the New York City subway system. CBS News' Rob Marciano has the latest.

New York

Flash flooding pummels NYC and slams subway lines

US President Donald Trump told Russia to end its war in Ukraine within 50 days or face massive new economic sanctions, as he laid out plans for infusions of weaponry for Kyiv via NATO. "We're going to be doing very severe tariffs if we don't have a deal in 50 days, tariffs at about 100 percent," Trump said.

Global Tariffs

Trump gives Moscow 50-day ultimatum over Ukraine war

A Gaza-bound boat carrying pro-Palestinian activists and humanitarian aid left Sicily, over a month after Israel detained and deported people aboard a previous vessel.

Sicily

New Gaza-bound aid boat leaves Italy

The U.S. will manufacture more weapons to help Ukraine in its fight against Russia's invasion. President Trump said European nations will be footing the bill.

U.S. to send more weapons to Ukraine

Christian leaders have accused Israeli settlers of attacking sacred sites in the West Bank. The Greek Orthodox Patriarch of Jerusalem, Theophilos III - visiting the Christian town of Taybeh with other clerics - said settlers had started a fire near a cemetery and a 5th century church there last week.

Clerics accuse West Bank settlers of attacking Christian sites

Australian Prime Minister Anthony Albanese is in Beijing ahead of talks with Chinese President Xi Jinping. He's there to broaden economic cooperation with China, which is Australia's top trade partner, while taking into account security concerns.

Beijing

Australia's Albanese pushes Aussie exports in China visit

In an Oval Office meeting, President Trump announced that the US will sell weapons to European nations, who will then send them to Ukraine. The president also threatened new trade consequences if no peace deal is reached with Ukraine within 50 days.

Trump gives Russia new deadline for Ukraine peace deal

Astronauts from India, Poland, Hungary and the U.S. are returning from the International Space Station following the historic Axiom Mission 4 trip. CBS News' consultant Bill Harwood joins with more details.

Cape Canaveral

Axiom Mission 4 crew returns from historic trip to I.S.S.

Hundreds of Palestinians on Sunday (July 13) mourned two men who were killed in overnight clashes by settlers in the West Bank. One of the deceased is 20-year-old Sayafollah Musallet, a U.S. citizen.

Mourners bury U.S. citizen killed in West Bank settler attack

Search efforts resumed for the more than 160 people still missing from the deadly July 4 floods in Central Texas after being halted Sunday morning due to renewed flood threats. CBS News' Karen Hua has the latest.

Kerrville

Heavy rains halt recovery efforts in central Texas

Following his recent criticism of Russian President Vladimir Putin, U.S. President Donald Trump said he plans to send Patriot missiles to Ukraine. Trump, for the first time since he took office in January, is also considering authorizing new funding for Ukraine.

Trump considers new funding for Ukraine

Two women were killed and two people were injured in a church shooting in Lexington, Kentucky, after the suspect initially shot a state trooper, police said. CBS News correspondent Nicole Valdes has the latest.

Lexington

Two women killed in Kentucky church shooting

The European Union said it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement, after U.S. President Donald Trump ratcheted up his trade war on the bloc.

Brussels

EU holds off on U.S. tariff countermeasures for now to pursue talks

One year ago, Thomas Crooks, a recent community college graduate, opened fire on then-candidate Donald Trump at a campaign rally in Butler, Pennsylvania. A year later, there's still no answers to why Crooks did it. Scott MacFarlane reports.

Butler

Motive still a mystery a year after Trump assassination attempt

Several European leaders and Mexican President Claudia Sheinbaum have expressed disappointment at the 30% tariffs US President Donald Trump has announced, but maintained openness to reach a negotiated solution.

Leaders of EU and Mexico slam Trump's 30% tariffs

A preliminary report depicted confusion in the cockpit shortly before an Air India jetliner crashed and killed 260 people last month, after the plane's engine fuel cutoff switches flipped almost simultaneously and starved the engines of fuel.

Ahmedabad

Air India crash report shows pilot confusion over fuel cutoff

Iran’s foreign minister says his country is ready to resume nuclear talks with the United States but will need assurances that there will be no more attacks against it. Abbas Araghchi made the comments on Saturday, during a meeting with foreign diplomats in Tehran.

Tehran

Iran willing to resume nuclear talks with U.S. if given assurances

Australia will not commit troops in advance to any conflict, Defence Industry Minister Pat Conroy said on Sunday (July 13), responding to a report that the Pentagon has pressed its ally to clarify what role it would play if the U.S. and China went to war over Taiwan.

Council of the City of Sydney

Australia to 'support status quo' on Taiwan amid U.S. defense push

The Pentagon is urging Japan and Australia to clarify what role they would play if the U.S. and China went to war over Taiwan, the Financial Times is reporting. According to the newspaper, the reported request caught Japan and Australia 'off-guard'.

Breakdown