LATEST MARKET NEWS: Inflation stays hot, gas hits new high, Ford-Rivian update
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Profit: $1.19 est. vs. $0.79 +50%
Revenue: $20B est. vs. $15.6B +28%
Source: Refinitiv
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OPINION: Steve Moore The just-released numbers on consumer price increases in April showed some modest improvement-- down from 8.5 to 8.3 percent. But this high inflation rate is still running far ahead of worker wages -- meaning low and middle income families are feeling a continued financial squeeze.
Rivian Image
| Symbol | Price | Change | %Change |
|---|---|---|---|
| F | $13.41 | +0.06 | +0.45% |
| RIVN | $21.98 | -0.81 | -3.54% |
| AMZN | $2,173.00 | -4.18 | -0.19% |
Ford sold 8 million shares of the electric vehicle maker around $26.80 per share for $214 million, according to a filing with the Securities and Exchange Commission. Ford still maintains a 10.5% stake holding about 94 million shares.
Amazon is also a top stakeholder holding 17.7% of the shares.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| ABNB | $116.13 | -3.24 | -2.71% |
Moderna dumps CFO..."recently appointed Chief Financial Officer, Jorge Gomez, has departed the Company, effective immediately. The announcement follows the May 10 public disclosure by Mr. Gomez's former employer, Dentsply Sirona Inc., of an ongoing internal investigation into certain matters, including financial reporting" the company disclosed in a statement.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $32,160.74 | -84.96 | -0.26% |
Wall Street futures
Stock futures are higher Wednesday as investors await the release of the April consumer price index.
Meanwhile, oil prices rose, with West Texas Intermediate futures trading at $103.50 a barrel and Brent crude futures trading at $106 per barrel.
Stock traders ((Courtney Crow/New York Stock Exchange via AP))
U.S. equity futures were trading higher Wednesday morning ahead of the release of a key report on inflation. Continue reading
Grocery shopping (iStock)
Has inflation peaked? That's the question at the top of most economists' minds ahead of the newest inflation data out Wednesday. Continue reading
Gas prices (AAA)
The average price for a gallon of gasoline in the U.S. rose to a record Wednesday morning to $4.404, according to the latest numbers from AAA. The price on Tuesday was $4.374.
An oil rig drilling a well ( REUTERS/Ernest Scheyder)
Oil traded higher Wednesday morning, resuming an upward move following a 9% drop over the previous two sessions. Continue reading
Bitcoin's price stabilized at around the $31,000 level. The cryptocurrency traded down for six straight days heading into Wednesday. Continue reading
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