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| Name | Stocks mixed as inflation drops below 5% level: Stock market news today | May 10, 2023 |
| Video Uploader | Video From Yahoo Finance |
| Upload Date | This Video Uploaded At 10-05-2023 21:12:58 |
| Video Discription | #stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #bitcoin #crypto To get the latest markets news check out finance.yahoo.com U.S. stocks closed mixed Wednesday following the release of government data that showed April consumer prices rose at the slowest annual pace in two years. The S&P 500 (^GSPC) added 0.45%, while the Dow Jones Industrial Average (^DJI) slipped below the flatline. The technology-heavy Nasdaq Composite (^IXIC) gained 1%. According to the latest data from the Bureau of Labor Statistics released Wednesday, the Consumer Price Index (CPI) rose 0.4% in April over last month and 4.9% annually. Prices in March rose 0.1% on a monthly basis and 5% from the prior year. Economists had expected a monthly increase of 0.4% and an annual increase of 5%, according to data from Bloomberg. The report could add to expectations that the Fed will pause its rate-hiking campaign at its next meeting in June. April's 4.9% annual increase is still significantly above the Federal Reserve's 2% target, though. "Headline inflation is still too high, but it took over two years from the COVID shutdowns to reach its highs, so getting back to more normal levels won't be an overnight process," the team at Bespoke Investment Group wrote in a note. "The bottom line is that inflation is moving in the right direction, and quickly at that." Analysts at JPMorgan said Wednesday they expect the market to refocus on "recent Fedspeak which remains hawkish despite the Fed’s data dependent approach." On Wednesday, New York Fed President John Williams noted that inflation remains "too high." Investors are also weighing the recent debate over raising the US debt ceiling. President Joe Biden met with House Speaker Kevin McCarthy and other top congressional leaders to discuss the issue Tuesday. The conversation yielded little apparent progress, but both sides are scheduled to meet again on Friday. Meanwhile, rate-sensitive two-year note yields fell to 3.9%, compared to the yield on the 10-year yield traded down to 3.43%. The dollar index weakened, while commodities like gold prices slumped. For more on this article, please click: https://finance.yahoo.com/news/stock-market-news-today-live-updates-may-10-113628919.html aders will be turning their eyes to Thursday’s producer prices report on deck next and Disney (DIS) posting results after the bell on Wednesday. In single-stock moves, shares of Airbnb (ABNB) sank over 10% after the booking platform recorded its best quarter yet, but the company forecasted lower revenues in the next quarter. Twilio Inc. (TWLO) shares tumbled more than 12% following the software company's forecast for sales of $980 million to $990 million in its fiscal second quarter, below analysts’ forecasts of $1.05 billion. Shares of Rivian Automotive, Inc. (RIVN) rose after the EV maker reported a quarterly loss that was narrow for a year ago, while maintaining its production outlook of 50,000 vehicles for the year. A Warren Buffett favorite, Occidental Petroleum, (OXY) said first-quarter earnings slipped from a year ago and adjusted profit missed analysts’ expectations as oil and gas sales declined due to reduced energy prices. The stock was down over 3%. Meanwhile, Carl Icahn's Icahn Enterprises (IEP) said on Wednesday that the U.S. Attorney for the Southern District of New York requested information on a range of issues, including valuation and governance. The stock sank over 15%. Last week, short seller Hindenburg Research released a report accusing Icahn Enterprises of a “Ponzi-like” structure. Upstart Holdings, Inc. (UPST) rallied over 30% Wednesday after the artificial intelligence lending platform announced an upbeat revenue outlook for its fiscal second quarter. |
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