Stock futures were slightly higher on Wednesday after a key inflation report appeared to ease some worries about the U.S. economy. Dow Jones Industrial Average futures climbed by about 60 points, while those for the S&P 500 and the Nasdaq 100 rose slightly.
The consumer price index rose 0.5% in July, matching expectations, as price increases moderated in the U.S. economy, the Labor Department reported. The index is still up 5.3% year over year, but some components showed slowing inflation last month. The reading for core inflation, which strips out some volatile pieces of the economy, rose less than expected. (CNBC)
Coinbase reported $3.45 in adjusted earnings per share and $2.23 billion in revenue for the second quarter, easily beating expectations on both counts. Trading volume and transacting users grew 38% and 44%, respectively, quarter over quarter. (CNBC)
Oil futures were down more than 1% in morning trading after the White House called on OPEC+ to increase production. (CNBC)
* As gas prices rise, White House says OPEC action is 'simply not enough,' calls for FTC scrutiny (CNBC)
Southwest Airlines lowered its forward guidance on Wednesday morning, saying it was seeing a decrease in bookings and an increase in cancelations. Southwest attributed this change to the spread of the Covid delta variant in the United States. (CNBC)
New York Gov. Andrew Cuomo announced his resignation on Tuesday after a report from the state attorney general concluded that he sexually harassed 11 women. Cuomo will leave office in two weeks and be replaced by Lt. Gov. Kathy Hochul. (CNBC)
The Senate passed a budget resolution along party lines, as Democrats took the first steps toward pushing through a $3.5 trillion spending plan. (CNBC)
* Biden's personal touch and GOP retirements: How the bipartisan infrastructure bill beat the odds (CNBC)
Mortgage applications ticked up 2.8% last week, stopping a month of declines. The report from the Mortgage Bankers Association suggested that the rise was helped by the return of first-time homebuyers to the market. (CNBC)
After more than $600 million was stolen in what may be one of the biggest cryptocurrency thefts ever, hackers have started to return some of what they took. (CNBC)
Canada Goose (GOOS) – Canada Goose lost 45 Canadian cents per share for its fiscal first quarter, smaller than the 53 cent loss that analysts were anticipating, while the outerwear maker saw better-than-expected revenue as well. However, its loss widened from a year ago thanks to rising expenses.
Wendy's (WEN) – Wendy's rallied in premarket trading after beating top- and bottom-line estimates for the second quarter. The restaurant chain earned an adjusted 27 cents per share, 9 cents above estimates, with same-store sales beating forecasts as more people returned to in-person dining.
WW International (WW) – WW tumbled in premarket trading after quarterly profit and revenue fell short of analyst forecasts. The company, formerly known as Weight Watchers, earned an adjusted 48 cents per share for the quarter, 17 cents shy of estimates, with membership levels below WW's own forecasts. CEO Mindy Grossman said the company did have a comprehensive plan to optimize performance during the second half of the year.
Norton LifeLock (NLOK) – Norton LifeLock is buying rival cybersecurity firm Avast for up to $8.6 billion in cash and stock. The deal will expand Norton LifeLock's portfolio of consumer cybersecurity software offerings.