đ Stock Market Today: TSLA, FB, JACK and PFE - Here's what you need to know:
Inflation concerns: the major indices havenât found a direction yet after yesterdayâs slide. Here's what is happening in the markets today, Thursday, May 13th.
Here's what is happening in the markets today, Thursday, May 13th.
Inflation concerns: the major indices havenât found a direction yet after yesterdayâs slide.
Yesterday, the CPI report showed that inflation in the year to April hit a 13-year high. It climbed at its fastest pace since 2008. The Consumer Price Index came in at 4.2% vs. expectations of 3.6%, which is already ahead of the Fed's 2% target. Yes, we know that this is due to shortages caused by COVID, but there are concerns over how long it will take for prices to settle down. The only CPI reading that matters is the next one. Future readings will better help policymakers understand whether inflation is less âtransitoryâ than it appears to be. The Dow had its worst day since January, while the S&P 500 and Nasdaq fell over 2%.
What does the Fed say? Investors today will be looking for further comments on the inflation situation as the Fed's Thomas Barkin, Christopher Waller and James Bullard speak at several events. Should the price pressures run too hot for a sustained period of time, the Fed may be forced to taper or even bring some rate hikes forward. The sentiment saw U.S. stock index futures flash red again overnight.
More data is also ahead, with producer prices for April and weekly jobless claims.
The Colonial Pipeline, the largest gasoline pipeline in the U.S., reopened late on Wednesday after a ransomware attack caused it to close five days ago. Colonial doesn't plan to make a payment to the hackers (Dark Side), according to the Washington Post. Yesterday, the criminal gang posted the names of another three new targets on the dark web that have been cyberattacked. While the companies have not publicly confirmed the breaches, one is said to be based in Illinois, one in the U.K. and the other in Brazil.
Bitcoin (BTC-USD) is falling after Teslaâs (TSLA) CEO Elon Musk is ditching Bitcoin. He said he would suspend vehicle purchases using Bitcoin. "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," he wrote in a tweet. "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment." Isnât it odd that Musk, who runs an electric vehicle company with the mission of reducing fossil fuel emissions, wasnât aware of the vast amounts of energy used to mine bitcoin?
Facebook (FB) is making another effort at cryptocurrencies. Their crypto called Diem (formerly known as Libra), is relocating its main operations from Switzerland to the U.S. as it scales back its global ambitions. "It's a realization that the effort will require a presence that is acceptable to U.S. regulators,". Facebook first unveiled Libra in June 2019 as part of an effort to expand beyond social networking and "empower the billions of people" that don't have bank accounts. Founding members are including PayPal (PYPL), eBay (EBAY), Stripe (STRIP), Visa (V) and Mastercard (MA).
CDC recommends Pfizer (PFE) vaccine for 12- to 15-year-olds.
Earnings: Jack In The Box (JACK) stock fell 5% after the burger chain predicted higher cost pressures, seeing commodity cost inflation of about 3% and labor cost inflation of 5% to 6%.
Gov. Mike DeWine of Ohio said the state would give five people $1 million each for getting vaccinated.
This wraps up today's stock market news.
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And for more stock market news, visit https://rockwelltrading.com.
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Inflation concerns: the major indices havenât found a direction yet after yesterdayâs slide.
Yesterday, the CPI report showed that inflation in the year to April hit a 13-year high. It climbed at its fastest pace since 2008. The Consumer Price Index came in at 4.2% vs. expectations of 3.6%, which is already ahead of the Fed's 2% target. Yes, we know that this is due to shortages caused by COVID, but there are concerns over how long it will take for prices to settle down. The only CPI reading that matters is the next one. Future readings will better help policymakers understand whether inflation is less âtransitoryâ than it appears to be. The Dow had its worst day since January, while the S&P 500 and Nasdaq fell over 2%.
What does the Fed say? Investors today will be looking for further comments on the inflation situation as the Fed's Thomas Barkin, Christopher Waller and James Bullard speak at several events. Should the price pressures run too hot for a sustained period of time, the Fed may be forced to taper or even bring some rate hikes forward. The sentiment saw U.S. stock index futures flash red again overnight.
More data is also ahead, with producer prices for April and weekly jobless claims.
The Colonial Pipeline, the largest gasoline pipeline in the U.S., reopened late on Wednesday after a ransomware attack caused it to close five days ago. Colonial doesn't plan to make a payment to the hackers (Dark Side), according to the Washington Post. Yesterday, the criminal gang posted the names of another three new targets on the dark web that have been cyberattacked. While the companies have not publicly confirmed the breaches, one is said to be based in Illinois, one in the U.K. and the other in Brazil.
Bitcoin (BTC-USD) is falling after Teslaâs (TSLA) CEO Elon Musk is ditching Bitcoin. He said he would suspend vehicle purchases using Bitcoin. "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," he wrote in a tweet. "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment." Isnât it odd that Musk, who runs an electric vehicle company with the mission of reducing fossil fuel emissions, wasnât aware of the vast amounts of energy used to mine bitcoin?
Facebook (FB) is making another effort at cryptocurrencies. Their crypto called Diem (formerly known as Libra), is relocating its main operations from Switzerland to the U.S. as it scales back its global ambitions. "It's a realization that the effort will require a presence that is acceptable to U.S. regulators,". Facebook first unveiled Libra in June 2019 as part of an effort to expand beyond social networking and "empower the billions of people" that don't have bank accounts. Founding members are including PayPal (PYPL), eBay (EBAY), Stripe (STRIP), Visa (V) and Mastercard (MA).
CDC recommends Pfizer (PFE) vaccine for 12- to 15-year-olds.
Earnings: Jack In The Box (JACK) stock fell 5% after the burger chain predicted higher cost pressures, seeing commodity cost inflation of about 3% and labor cost inflation of 5% to 6%.
Gov. Mike DeWine of Ohio said the state would give five people $1 million each for getting vaccinated.
This wraps up today's stock market news.
If you enjoyed the "Stock Market Today" video, make sure to subscribe to this channel.
And for more stock market news, visit https://rockwelltrading.com.
#todaysstockmarket #stockmarkettoday #stockmarket