Wall Street Today | US producer prices fall for the first time since early in pandemic
MACRO
US Producer Prices Fall for the First Time Since Early in Pandemic
The producer price index for final demand decreased 0.5% from a month earlier and rose 9.8% from a year ago, Labor Department data showed Thursday. The pullback was due to a decline in the costs of goods, though services prices only edged up.
US Jobless Claims Rise Again, Near Highest Since November
Initial unemployment claims increased by 14,000 to 262,000 in the week ended Aug. 6, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 265,000 applications.
U.S. Home Prices Jumped to Record High in Second Quarter
Median prices rose by double digits from a year earlier in 80% of 185 metro areas, National Association of Realtors says. Home prices have hit new highs in recent months as the inventory of homes for sale held below historical levels. The median single-family existing-home sales price rose 14.2% in the second quarter from a year ago to $413,500, a record, according to NAR.
SECTORS
OPEC Cuts Oil-Demand Forecasts as Economic Growth Slows
In its closely watched monthly market report, the Organization of the Petroleum Exporting Countries cut its forecasts for global oil demand this year by 260,000 barrels to 100.03 million barrels a day. It also cut its demand forecasts for 2023 by the same amount to 102.72 million barrels a day.
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COMPANY
Rivian Loses Nearly $2 Billion in Second Quarter as Expenses Mount
The E.V. maker said it lost $1.7 billion, or $1.89 a share, in the second quarter, compared with a loss of $580 million, or $5.74 a share, in the year-ago period. Revenue reached $364 million, from no revenues a year ago. $Rivian Automotive(RIVN.US$ stock was down more than 2% in extended trading after the results.
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Apple Expects to Sustain iPhone Sales in 2022 as Market Slows
$Apple(AAPL.US$Inc. has asked suppliers to build at least as many of its next-generation iPhones this year as in 2021, counting on an affluent clientele and dwindling competition to weather a global electronics downturn.
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McDonald's Charts Path to Reopen in Ukraine
The world's biggest fast-food chain will begin working with partners in the coming months to supply locations with products, prep the properties and bring employees back on site, the company said in a statement. $McDonald's(MCD.US$ didn't provide a specific reopening date.
Deutsche Telekom Nearing Majority Ownership of T-Mobile
German telecommunications giant $DEUTSCHE TELEKOM(DTEGY.US$ reiterated plans to build its stake in $T-Mobile US(TMUS.US$ Inc. and said it is nearing majority ownership of the U.S.'s second-largest wireless carrier by customers.
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Source: Bloomberg, Dow Jones
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