US stock futures edged lower ahead of the open on Wednesday as investors awaited key inflation data.
Futures on the S&P 500 (^GSPC) fell 0.16%, while the Dow Jones Industrial Average (^DJI) fell 0.17%. The technology-heavy Nasdaq Composite (^IXIC) slipped 0.16%.
The main attraction for Wall Street will be inflation data on Wednesday at 8:30 AM ET. Economists polled by Bloomberg expect April’s “core” consumer price index, which strips out the more volatile costs of food and gas prices, to rise 0.4% from the previous month and 5.5% from the previous year. Has gone. Headline inflation is forecast to rise 5% from a year ago.
Analysts at JP Morgan expect the market to “focus on recent Fedspeak which remains bullish despite the Fed’s data dependent approach.” On Wednesday, New York Fed President John Williams said inflation remained “very high”.
California House Speaker Kevin McCarthy, left, listens as President Joe Biden speaks before a meeting on the debt ceiling in the Oval Office of the White House, Tuesday, May 9, 2023, in Washington. (AP Photo/Ivan Vucci)
Also on Tuesday, President Joe Biden met with House Speaker Kevin McCarthy and other top congressional leaders for a high-stakes conversation on the nation’s debt ceiling. There was little apparent progress in the talks, but the two sides are scheduled to meet again on Friday.
Government bonds were mixed. The yield on the 10-year yield fell to 3.5%, compared to the two-year note yield of 4.04%. The dollar index ticked up, while gold prices fell.
Shares of Airbnb (ABNB) sank more than 13% in a single-stock move after the booking platform posted its best quarter ever, but the company forecast lower revenue next quarter, as well as re-branding the platform In the midst of a plan to make economical.
Twilio Inc. (TWLO) shares plunged more than 16% after the software company released its fiscal second-quarter sales forecast of $980 million to $990 million, which fell short of analysts’ forecasts of $1.05 billion.
Rivian Automotive, Inc. (RIVN) shares soared after the EV maker reported a quarterly loss that narrowed from a year earlier, while maintaining its production outlook of 50,000 vehicles for the year.
Occidental Petroleum, (OXY), a Warren Buffett favorite, said first-quarter earnings slipped from a year ago and adjusted profit missed analysts’ expectations as lower energy prices weighed on oil and gas sales. The stock was down about 2%.
Upstart Holdings, Inc. (UPST) soared over 35% on Wednesday morning after the artificial intelligence lending platform announced an upbeat revenue outlook for its fiscal second quarter.
Dani Romero is a reporter for Yahoo Finance. follow him on twitter @daniromerotv
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