A trader at work on the trading floor of the New York Stock Exchange (NYSE) in New York on August 8, 2022.
Andrew Kelly | Reuters
Here are the most important news items investors need to start their trading day:
The market was set to open in the positive zone Wednesday morning ahead of two important reports: the consumer price index and disney Earnings (details on both below). Investors are hoping for a rebound after all three major indices closed lower on Tuesday. There are also several Fed officials on Wednesday’s schedule, both of which could provide more clues about how the central bank thinks about inflation and future rate hikes. Charles of the Federal Reserve Bank of Chicago • President Evans is scheduled to speak in Des Moines at 11:00 a.m., and Minneapolis Fed President Neil Kashkari is scheduled to speak at a panel discussion on stagflation at the Aspen Economic Strategy Group.
Gasoline prices will be shown at Exxon Gas Stations in Houston, Texas on July 29, 2022.
Brandon Bell | Getty Images
inflation rate late last month due to the easing of gas prices. The CPI rose 8.5% year-on-year, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones had expected growth of 8.7% year-on-year, compared with a 9.1% annualized increase in June. Month to month, the CPI did not change at all, but the economist had predicted he would grow by 0.2%. Inflation remains high despite the rate slowdown, and the Fed may be on track for further rate hikes at its September meeting following his back-to-back three-quarter point hikes. .
“The past two years have been a complete nightmare of supply chain disruptions, and we’re still not out of it,” said Tesla CEO Elon Musk.
Patrick T. Fallon | Reuters
The richest man in the world has secured new funds.Elon Musk sold approximately $6.9 billion of Tesla It sold shares between Friday and Tuesday, months after selling more than $8 billion in the company’s shares, according to regulatory disclosures. As of April, he said he had no plans to sell any more shares. But he’s since been embroiled in a legal battle with Twitter over his decision to back out of a $44 billion deal to acquire the social network. twitter is suing to force him to complete the transaction. Musk was asked on his Twitter on Tuesday night if he had sold his shares so far. He said yes and then added: “It is important to avoid an emergency sale of Tesla shares if Twitter forcibly terminates this transaction and some of our equity partners fail to come to an agreement.”
Bob Chapek, Disney CEO, Boston College Chief Executive Club, November 15, 2021.
Charles Krupa | AP
It’s Mouse House’s turn to shine this earnings season. While investors understand the entertainment giant’s financials, they will also be keenly interested in streaming subscriber numbers. CEO Bob Chapek is betting his job little on whether Disney will be able to hit 230 million to 260 million subscribers by the end of 2024. Analysts expect the company to report about 10 million more people in the last quarter, according to FactSet. The total number is about 147 million. The real numbers land may define how the rest of the media industry interprets the health of streaming, and that could be the turning point. CNBC’s Alex Sherman wrote:Disney’s report comes as longtime leader Netflix is undergoing a major overhaul of its business model that includes adding advertising. Warner Bros. Discovery is also in the process of rebuilding its HBO Max service.
Sweetgreen banner on NYSE on November 18, 2021.
Source: New York Stock Exchange
sweet greenThe once-high-profile salad chain was trading just under $17 on Tuesday, but could drop further Wednesday following the company’s dismal earnings report. Sweetgreen announced Tuesday that it will lay off 5% of its workforce and move its offices to a smaller building. The company’s growing pains became apparent as the stock plunged more than 20% in after-hours trading after the report. The company has lowered its same-store sales growth forecast to between 13% and 19%, down from previous guidance of 20% to 26% growth. CFO Mitch Reback said on the conference call:
– CNBC’s Carmen Reinicke, Patti Domm, Lora Kolodny, Alex Sherman, and Amelia Lucas contributed to this report.