Former Council of Economic Advisors Chairman Kevin Hassett argues that data from the April CPI report shows that the Federal Reserve’s measures to curb rising inflation are not working.
US stocks rallied amid losses and gains as investors braced for continued inflation after April’s CPI stayed near a 40-year high, raising concerns of a looming recession.
| ticker | security | Last | To change | To change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 32517.8 | +357.06 | +1.11% |
| SP500 | S&P500 | 4039.73 | +38.68 | +0.97% |
| I: COMP | NASDAQ COMPOSITE INDEX | 11780.71938 | +43.05 | +0.37% |
The CPI index rose by an annual rate of 8.3%, more than economists had been expecting and slightly down from the previous month’s 8.5%.
| ticker | security | Last | To change | To change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND LP | 78.45 | +3.88 | +5.21% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 30.82 | +1.56 | +5.33% |
Oil traded higher and continued higher after falling 9% in the previous two sessions. US West Texas Intermediate crude climbed to $104 and Brent, the international benchmark, hit $106.
An oil rig drilling a well at sunrise near Midland, Texas. (REUTERS/Ernest Scheyder/Reuters photos)
The Energy Information Administration released its inventory report for last week. Crude inventories rose 8.4 million barrels after a surprise build of 1.3 million barrels the previous week.
Traders on the New York Stock Exchange. ((Courtney Crow/New York Stock Exchange via AP) / AP Newsroom)
In terms of earnings, Coinbase Global took a sharp tumble after the company missed estimates for first-quarter revenue and posted a loss.
| ticker | security | Last | To change | To change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 55.90 | -17.09 | -23.41% |
Moderna in focus after announcing that its “recently appointed Chief Financial Officer, Jorge Gomez, has left the company effective immediately on certain matters, including financial reporting,” the company said in a statement.
| ticker | security | Last | To change | To change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 133.95 | +1.63 | +1.23% |
After the close of trading, Dow member Disney will report.
| ticker | security | Last | To change | To change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 109.22 | +1.54 | +1.43% |
Bitcoin fell below $30,000 after inflation turned out to be hotter than expected.
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Ken Martin of FOX Business and The Associated Press contributed to this report.