November 23, 2022

STOCK MARKET NEWS TODAY: Inflation Rises, Delta Earnings, Oil Pulls Back

The surge in inflation complicates the work of the Federal Reserve

Midday waffle stocks

US stocks hit the worst levels of the midday session but remained lower as industrials and financials lagged.

Symbol Price To change %To change
XLB $72.36 -0.33 -0.45%
XLF $31.42 -0.22 -0.70%
BA $143.86 -3.24 -2.20%
MMM $129.25 -1.04 -0.80%
JPM $112.03 -1.01 -0.89%
WFC $39.15 -0.43 -1.10%

recent news

Stocks fall 1% after very hot inflation data

The three major U.S. stock averages fell more than 1% when trading began after the consumer price index’s surprise 9.1% jump in June. Investors are now debating the likelihood of a full one percentage point rate hike by the Federal Reserve. In commodities, oil retreated to the $86 a barrel level.

recent news

Inflation stronger than expected

Delta reports second quarter results

Delta Air Lines Inc.

$

28.77

It reported adjusted earnings of $1.44 per share for the second quarter. That was below analysts’ expectations of $1.73 per share, according to Refinitiv, but was still the carrier’s best performance since 2019.

Revenue for the quarter through June was $13.8 billion, beating Wall Street estimates.

Read the full story: Delta sees “significant” annual benefit on resilient consumer demand

Stock futures trade higher ahead of key inflation report

US stock futures were trading higher ahead of a much-anticipated inflation report. Major futures indices point to a 0.3% gain at the start of trading on Wall Street.

The consumer price index is expected to rise 1.1% month over month in June. That’s up from a 1.0% increase in May, but below a 1.2% peak in March.

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Inflation likely peaked in June with another spike in consumer prices

Economists are looking for evidence that inflation has finally peaked, but they are unlikely to find much good news in the latest Consumer Price Index report released on Wednesday.

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Gasoline keeps receding

The average price of a gallon of regular gasoline slipped Wednesday morning to $4,631, according to AAA. The price on Tuesday was $4.655. The gas went down for 26 consecutive days. Diesel also slipped to $5.611 from $5.625

Oil is trading below $100 a barrel

Oil was trading higher ahead of a US inflation report.

US crude fell below $100 a barrel for the first time since April. U.S. West Texas Intermediate crude was trading at $96 a barrel. Brent futures were at $99 a barrel. Prices fell more than 7% on Tuesday amid volatile trading.

Bitcoin below $20,000

Bitcoin was trading below $20,000 after falling for four straight days before Wednesday. The cryptocurrency is down more than 10% over this period. This is Bitcoin’s longest losing streak since June 30.

Bitcoin is up over 3% month-to-date, but down over 58% year-to-date. Ether is trading around $1,000 and Dogecoin is at 6 cents.