U.S. stock futures edged lower ahead of the open on Wednesday as investors await key inflation data.
Futures on the S&P 500 (^GSPC) ticked down 0.16%, while the Dow Jones Industrial Average (^DJI) slid 0.17%. The technology-heavy Nasdaq Composite (^IXIC) slipped 0.16%.
The highlight for Wall Street will be the inflation data out at 8:30 a.m. ET Wednesday morning. Economists surveyed by Bloomberg expect April’s “core” consumer price index, which strips out the more volatile costs of food and gas prices, to have risen 0.4% over the prior month and 5.5% over last year. Headline inflation is forecasted to increase 5% from a year ago.
Analysts at JPMorgan expect the market to refocus on “recent Fedspeak which remains hawkish despite the Fed’s data dependent approach.” On Wednesday, New York Fed President John Williams noted that inflation remains “too high.”
Also on Tuesday, President Joe Biden met with House Speaker Kevin McCarthy and other top congressional leaders for a high-stakes talk on the nation’s debt limit. The conversation yielded little apparent progress, but both sides are scheduled to meet again on Friday.
Government bonds were mixed. The yield on the 10-year yield traded down to 3.5%, compared to the two-year note yields rose to 4.04%. The dollar index ticked up, while gold prices fell.
In single-stock moves, shares of Airbnb (ABNB) sank over 13% after the booking platform recorded its best quarter yet but the company forecasted lower revenues in the next quarter amid a plan to make the platform feel affordable again.
Twilio Inc. (TWLO) shares tumbled more than 16% following the software company issuing a forecast for sales of $980 million to $990 million in its fiscal second quarter, below analysts’ forecasts of $1.05 billion.
Shares of Rivian Automotive, Inc. (RIVN) rose after the EV maker reported a quarterly loss that was narrow for a year ago, while maintaining its production outlook of 50,000 vehicles for the year.
A Warren Buffett favorite, Occidental Petroleum, (OXY) said first-quarter earnings slipped from a year ago and adjusted profit missed analysts’ expectations as oil and gas sales declined due to reduced energy prices. The stock was down nearly 2%.
Upstart Holdings, Inc. (UPST) rallied over 35% Wednesday morning after the artificial intelligence lending platform announced an upbeat revenue outlook for its fiscal second quarter.
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Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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