U.S. stocks opened lower, and fresh data showed that U.S. inflation hit a three-decade high last month. Here’s what we’re watching for in Wednesday’s trading session:
- Coinbase Global shares tumbled after the company posted third-quarter revenue that missed analysts’ targets.
- Tesla ’s stock price is in focus. The electric-vehicle maker’s shares have fallen for three consecutive days.
- Online marketplace Poshmark posed third-quarter sales below Wall Street expectations and issuing a fourth-quarter forecast that missed estimates.
- DoorDash said it has agreed to acquire European food-delivery company Wolt Enterprises Oy in an all-stock deal valued at over $8 billion and reported quarterly results that topped Wall Street’s estimates.
- Doughnut-maker Krispy Kreme reported an 18% revenue increase in the latest period, helped again by international operations that performed stronger than before the pandemic.
- A European Union court largely upheld a $2.8 billion antitrust decision against Alphabet ’s Google, adding new momentum to the bloc’s assault on big tech companies.
- Mattress-maker Purple Innovation said sales in the latest quarter were hit by manufacturing backlogs and it lowered annual outlook.
- Electric vehicle maker Rivian’s shares are expected to debut trading today.
- Walt Disney and Beyond Meat are scheduled to post quarterly earnings after markets close.
Chart of the Day
- General Electric said it would split into three public companies, breaking apart the more than century-old company that was once a symbol of American manufacturing might and has struggled in recent years.
Write to Caitlin Ostroff at [email protected]
