North American indices opened in decline reflecting market angst as they watched US inflation take off from its highest level since 1990. The median registered an annual rate of 6.2%, and the shortage of supply related to the pandemic and the growth in consumer demand continued to push prices up.
The consumer price index rose 0.9% last month, after rising 0.4% in September, informed the Department of Labor this Wednesday (10).
At 11:33 am, Brasília time, the Dow Jones fell 0.11%, to 36,292 points, the S&P 500 slipped 0.45%, to 4,667 points, and the Nasdaq operated in a decrease of 1.10%, to 15,738 points.
Another highlight for US investors is the balance sheet season which, despite having helped to raise the indices – 85% of the S&P were above expectations, investors still demand safer assets, such as fixed income.
The 10-year US Treasury yield rose to 1.491% after the release of inflation data.
Up and down of Uncle Sam
The cryptocurrency giant Coinbase tumbled nearly 10% in the pre-market after the company reported last night’s earnings (9) below analysts’ expectations. Third-quarter revenue was $1.235 billion; the market expected $1.614 billion.
Tesla continues to plummet with Elon Musk’s Twitter prank last Saturday. The company’s billionaire and CEO asked on social media whether he should sell 10% of his company shares to pay his taxes. At the close of yesterday, the papers registered a drop of 12%.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?
— Elon Musk (@elonmusk) November 6, 2021
Finally, the food delivery platform DoorDash rose more than 15% after agreeing to buy Finnish food delivery company Wolt Enterprises, in a deal valued at more than $8 billion.
Reference: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
