Breaking News
Inflation hotter than expected
Delta posts second-quarter earnings
It reported an adjusted profit of $1.44 per share for the second quarter. That was below analysts’ expectations of $1.73 per share, according to Refinitiv, yet still marked the carrier’s best performance since 2019.
Revenue for the quarter through June came in at $13.8 billion, topping Wall Street estimates.
Read the full story: Delta sees ‘meaningful’ full-year profit on resilient consumer demand
Stock futures trade higher ahead of key inflation report
U.S. equity futures were trading higher ahead of a highly anticipated report on inflation. The major futures indexes suggest a gain of 0.3% when trading begins 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% spike in March.
Inflation likely hit fever pitch in June with consumer prices surging again
Economists are searching for evidence that inflation has finally peaked, but they are unlikely to find much good news in the newest consumer price index report out on Wednesday.
Gasoline continues retreat
The average price of a gallon of regular gasoline slipped on Wednesday morning to $4.631, according to AAA. The price on Tuesday was at $4.655. Gas has declined for 26 straight days. Diesel slipped as well to $5.611 down from $5.625
Oil trades below $100 a barrel
Oil was trading higher ahead of a report on U.S. inflation.
U.S. crude moved below $100 a barrel
for the first time since April. U.S. West Texas Intermediate crude traded at $96 a barrel. Brent crude futures were at $99 a barrel. Prices fell by more than 7% on Tuesday amid volatile trading.
Bitcoin below $20,000
Bitcoin was trading below $20,000 after fall for four straight days heading into Wednesday. The cryptocurrency is down more than 10% over that period. It is bitcoin’s longest losing streak since June 30.
Bitcoin is up more than 3% month-to-date, but down more than 58% year-to-date. Ether is trading around $1,000 and Dogecoin is at 6 cents.
Read More: STOCK MARKET NEWS TODAY: Inflation surges, Delta’s earnings, oil retreats