04:15 PM EDT, 06/11/2025 (MT Newswires) -- The S&P 500 and Nasdaq closed lower Wednesday, while the Dow Jones Industrial Average ended unchanged, as investors weighed the latest consumer inflation data and a preliminary US-China trade framework.

* US and Chinese officials have agreed on a framework for implementing the pact the two countries reached in Switzerland last month, CNBC reported. Trump said that China will supply rare earths upfront as part of a trade agreement that is subject to his approval and that of his Chinese counterpart, Xi Jinping.

"Our deal with China is done," Trump wrote in a social media post. "We are getting a total of 55% tariffs, China is getting 10%."

* US consumer inflation unexpectedly decelerated last month, weighed down by lower energy prices, government data showed.

In a social media post, President Donald Trump said the inflation report showed "great numbers" and that the Federal Reserve should lower its policy rate by a full percentage point.

However, markets are widely anticipating the central bank to leave its benchmark lending rate unchanged next week, according to the CME FedWatch tool.

* July West Texas Intermediate crude oil closed up $2.76 to settle at $67.74 per barrel, while August Brent crude, the global benchmark, was last seen up $2.52 to $69.39 after trade negotiations between the United States and China ended with a tentative deal to relax export controls on sensitive goods and technologies.

* Starbucks ( SBUX ) has drawn "a lot of interest" in its move to explore a partnership with outside investors for a minority stake in its China business, the Financial Times reported, citing Chief Executive Brian Niccol. The company's shares were up 4.3%.

* Chewy (CHWY) shares slumped more than 11% as the online pet store company maintained its full-year sales outlook after reporting better-than-expected fiscal Q1 results.