What to watch today: Wall Street looks higher, one day after inflation-driven selling
Dow futures bounced Thursday despite the premarket drop in Dow stock Disney (DIS) on disappointing quarterly results. Wall Street sank Wednesday after October's consumer price index showed the biggest annual jump in more than 30 years, triggering a spike in the 10-year Treasury yield to 1.57%. U.S. bond trading is closed Thursday for Veterans Day. (CNBC)
The Dow and the S&P 500 on Wednesday lost less than 1%. In a tech-led sell-off, the Nasdaq fared much worse, losing 1.7%. All three stock benchmarks recently logged a flurry of record closes, the latest were on Monday. Bitcoin hit another all-time high Wednesday, near $69,000, before pairing its gains. On Thursday, it was down but trading above $65,000. (CNBC)
IN THE NEWS TODAY
Shares of Disney dropped 5% in Thursday's premarket, the morning after the entertainment giant reported adjusted earnings of 37 cents per share on $18.53 billion in revenue in its fiscal fourth quarter. Both measures were short of expectations. Wall Street was more bullish than Disney heading into earnings, expecting 125.4 million total Disney+ subscribers at the end of the fourth quarter. The company fell short. (CNBC)
Elon Musk sold nearly $5 billion in Tesla (TSLA) stock, according to financial filings. The Tesla CEO still holds more than 166 million shares. Before the plan was made public, Musk asked his 62.5 million Twitter followers whether he should sell. Following Saturday's poll, Tesla saw a two-session slump of more than 15%, before rebounding over 4% on Wednesday. Tesla was up about 2% in the premarket. (CNBC)
* Musk's SpaceX launches four NASA astronauts to International Space Station (CNBC)
Rivian Automotive (RIVN) shares rose another 6.5% in Thursday's premarket, one day after debuting up 29%, giving the electric vehicle start-up a market valuation of $86 billion after one of the biggest IPOs this year. Amazon's (AMZN) 20% stake in Rivian is now worth about $17 billion, and Ford's (F) 12% stake is valued at more than $10 billion. (CNBC)
Rivian's market value is higher than Ford's. If the premarket gains were to hold, it would be bigger than General Motors (GM), too. However, Rivian is still worth a fraction of EV pioneer Tesla, which has a market cap of more than $1 trillion. (CNBC)
* Rivian customers who pre-ordered electric SUVs, trucks made millions on IPO (CNBC)
* Embark CEO sees supply chain crisis as 'inflection point' for autonomous trucks (CNBC)
Shares of Affirm jumped nearly 25% in Thursday's premarket, the morning after the digital "buy now, pay later" company beat expectations with fiscal first-quarter revenue. It also announced an expansion of its partnership with Amazon. (CNBC)
Beyond Meat (BYND) tanked roughly 19% in Thursday's premarket, the morning after the company reported a greater-than-expected loss of 87 cents per share in the third quarter. Revenue of $106.4 million also was worse than estimates. Beyond Meat also warned about the fourth quarter. (CNBC)
As government economists work to find ways to combat soaring inflation and ease supply chain disruptions, President Joe Biden is leaning on his ability to sympathize with the economic fears of average Americans. (CNBC)
Covid vaccine booster shots could be on the horizon for all U.S. adults, perhaps as early as Thanksgiving. According to new research, the move might be just in time. An influx of new data points to benefits of widespread boosters. Here's why, and whether or not getting that booster shot, once you're eligible, is a good idea. (CNBC's Make It)
* Germany is reporting 50,000 Covid cases a day, prompting a dramatic warning (CNBC)
STOCKS TO WATCH
Marqeta (MQ) jumped 11% after reporting strong quarterly results and a 60% increase in processing volume from the previous year. The company is the card-issuing platform behind "buy now, pay later" brands like Affirm and Klarna.
The Honest Company (HNST) increased about 8% after announcing quarterly earnings that came were in line with expectations and revenue that topped Wall Street's forecasts, according to Refinitiv.
Bumble (BMBL) fell nearly 9% after the dating app company reported a loss of 6 cents per share, 6 cents below analyst estimates, according to Refinitiv. Revenue, however, came in better than expected.
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