Market Pulse: Stocks Edge Lower Ahead of Key Inflation Data
U.S. stock futures are trending downward today, following a record-high retreat yesterday. The market is bracing for the release of the Consumer Price Index (CPI), which is expected to show a rise in inflation for October.
Futures Take a Hit
Dow Jones Industrial Average futures are down 0.3%, while S&P 500 and Nasdaq futures are experiencing similar declines. This follows a 0.9% drop in the Dow Jones Industrial Average yesterday.
Cryptocurrency Update
Bitcoin is slowly recovering after dipping below the $88,000 mark, while Dogecoin is up 1% following President-elect Trump’s announcement that Tesla CEO Elon Musk will lead a Department of Government Efficiency (DOGE).
Tesla Shares Soar
Tesla shares are up 2% today, likely boosted by the news of Musk’s new role.
Inflation Expectations
The CPI release, scheduled for 8:30 a.m. ET, is expected to show inflation rising to 2.6% in October, up from 2.4% in September. The core inflation rate is predicted to remain steady at 3.3%. Both rates are above the Federal Reserve’s 2% target.
Spirit Airlines in Trouble
Spirit Airlines shares are plummeting nearly 70% in premarket trading after reports emerged that the budget carrier is preparing to file for bankruptcy protection. This follows the collapse of merger talks with Frontier Group Holdings.
Spotify Surges
Spotify Technology shares are jumping 8% in premarket trading after the company reported stronger-than-expected subscriber growth. Monthly active users reached 640 million, with premium subscriptions totaling 252 million.
Klarna Files for IPO
Swedish fintech company Klarna has filed for an initial public offering (IPO) in the U.S., although the number of shares and price range have yet to be determined. The IPO is expected to take place after the Securities and Exchange Commission reviews Klarna’s filing.
Leave a Reply