Beat the street: market recovers after the CPI shock
Indices are looking to start the day ahead with gains. Not offsetting the losses seen yesterday, but as tastylive’s Christopher Vecchio says, the market move was an overreaction.
Today, all session on the IG platform Uber Technologies has risen to a new record high on news of its inaugural share buyback announcement and Lift is seen building on its gains after the close on Tuesday on its latest earnings. Also, a look ahead to Cisco Systems reporting its Q4 after the bell.
(AI Video Summary)
Updates on Wall Street, Lyft and Uber
In today's edition of "Beat the street", Jeremy Naylor talks about the US stock market before it opens for the day. He says that Wall Street is likely to recover from its losses yesterday because of some important data about inflation. He also discuss two popular ride-sharing companies, Lyft and Uber, and how their stocks have been doing. Lyft had some difficulties because of a mistake in their financial report, while Uber had a great morning because they announced a plan to buy back their own shares.
Naylor shows some charts to explain what's been happening in the stock market. He points out that even though there was a big drop yesterday, the market is going up again. However, he mentions that the market is still pretty unpredictable. He also talks about the value of the US dollar compared to other currencies like the euro and the Japanese yen.
Market analysis with Chris Vecchio
Next, he talks to Chris Vecchio from tastylive about the inflation data that was released. Vecchio doesn't think the data is very important and says that inflation is actually going down. He thinks the Federal Reserve, which makes decisions about interest rates, will need more data before they consider lowering rates. He also explains how lower interest rates could affect stocks and bonds.
Company news updates
Naylor then moves on to talk about specific companies. He mentions that Uber is doing well because they plan to buy back their own shares. He also talks about Airbnb, a company that rents out people's homes, and how they did better than expected. However, he also mentions that Airbnb has some concerns about the future.
The video ends with a preview of an earnings report for a company called Cisco Systems, as well as a general outlook for the market. The speaker expects the market to start the day with a small gain. They also mention that there will be some important news from the UK and Japan later on.
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