Show Notes
Everybody was waiting for the big event: the CPI Report.
Here's what is happening in the markets today, Thursday, June 10th.
Yesterday, stocks continued to trade within a tight range, with all three major indexes ending the day within 0.5% of Tuesday’s closing levels.
Economists expect the May CPI report to show prices up 4.7% year over year after April’s increase of 4.2%. The core rate of inflation, excluding food and energy, is expected to jump 3.5% on an annual basis, the biggest jump in 28 years.
Nobody expects the Fed to raise interest rates this year or next. But it is likely the Fed starts to hint that they are thinking about tapering their bond purchases, possibly as soon as this fall.
Some Meme stock news:
GameStop (GME) fell 7% in premarket trading even after the company tapped former Amazon executive Matt Furlong to be its next CEO and said that sales rose 25% last quarter. The company also said it may sell up to 5 million additional shares from time to time, in "at-the-market" offerings
And more retail earnings:
Restoration Hardware (RH) surged 8.4% in premarket trading after it reported a quarterly profit of $4.89 per share, above the $4.10 a share consensus estimate. They also reported better-than-expected revenue and raised its full-year outlook.
Tesla (TSLA) plans to launch its new Model S Plaid today. The high-end version of the Model S will cost just under $120,000 and has a projected driving range of 390 miles. The super high-end version, the Model S Plaid Plus was supposed to go from 0-60 in less than 2 seconds with a range of more than 500 miles, but Tesla canceled that model.
One day after falling to a three-week low, Bitcoin rose 5% to more than $35,400 on Wednesday. El Salvador became the first country to adopt bitcoin as legal tender. Prices in El Salvador can now be shown in bitcoin and taxes contributions can be paid with the digital currency. El Salvador’s current official currency is the U.S. dollar.
JBS, the world's biggest meat processor, said it paid an $11 million ransom to hackers who forced it to shut down plants last week.
More than 25% of shoppers at Levi’s have a different size today than before the pandemic, according to CEO Chip Bergh. He called the number of people with new sizes “pretty staggering.”
The Amazon (AMZN) Founder Jeff Bezos is launching himself into space. In an Instagram post, Bezos said that he and his brother would be onboard Blue Origin's first passenger-carrying mission, set for liftoff on July 20.
That leaves only one seat open. So if you've been looking to get some Bezos facetime to pitch your startup idea, you can bid for New Shepard's final seat through Saturday.
As of yesterday, the highest bid to sit sandwiched between the Bezos brothers for an 11-minute space flight reaching an altitude of 62 miles: $2.8 million.
This wraps up today's stock market news.
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