Asia stocks set for mixed start; Treasuries jumped
Asian stocks are set for a mixed start Wednesday after U.S. shares snapped their longest winning streak since 2017. Treasuries rallied, with some traders citing an unwinding of bearish bond bets.
Futures for Japan were steady and those for Hong Kong fell. Australia opened little changed, while U.S. futures slipped. The $标普500指数 (.SPX.US)$ dipped for the first time in nine sessions, hurt by financial shares amid a slump in the 10-year U.S. Treasury yield. The $纳斯达克100指数 (.NDX.US)$ underperformed, in part on $特斯拉 (TSLA.US)$'s loss of $199 billion in value on a host of negative news.
Consumer prices likely surged last month at their fastest pace in about 30 years
Economists expect the consumer price index rose 0.6% in October and 5.9% on a year-over-year basis, the most since 1990. The CPI is hotter than economists initially expected it would be, and they now see it staying elevated into next year. "What we're seeing is there's this second wave of inflation that appears more broad based, and it's also backed up with a sharp increase in wages," said one economist.
Tesla erases $199 billion in worst two-day rout in 14 months
$特斯拉 (TSLA.US)$ lost about $199 billion in value during its biggest back-to-back selloff since September 2020 amid a host of negative news. The shares tumbled 12% on Tuesday, after closing down 4.8% on Monday.
EV ETFs gear up for new flows from infrastructure spending bill
Exchange-traded funds focused on electric vehicles could catch some momentum from the massive infrastructure bill Congress passed on Friday. The roughly $1 trillion package allocates $7.5 billion to build out a network of EV chargers and another $7.5 billion for low or zero-emission buses and ferries.
Coinbase shares drop after third-quarter revenue misses analysts' estimates
$Coinbase (COIN.US)$ reported weaker-than-expected revenue for the third quarter. The number of monthly transacting users dropped from the prior period, dropping to 7.4 million from 8.8 million in the second quarter. The stock sank more than 13% in extended trading. Both bitcoin and ethereum hit new all-time highs this week.
GE to break up into 3 companies focusing on aviation, health care and energy
The company will be divided into separate units focused on aviation, health care and energy. The decision by GE earned praise from Wall Street analysts Tuesday morning. $GE航天航空 (GE.US)$ shares have badly underperformed the market over the last two decades.
DoorDash stock rockets on deal to acquire international delivery platform Wolt for $8.1 billion
$DoorDash (DASH.US)$ announced Tuesday it's acquiring Wolt, a food delivery platform that's expanded into groceries and retail, in an all-stock transaction valued at $8.1 billion. Wolt has about 4,000 employees and operates in 23 countries.
The move is an effort to accelerate the company's international growth. Shares of DoorDash popped more than 24% in after-hours trading following an initial dip.
Palantir reports 36% revenue growth, projects strong finish to year
$Palantir (PLTR.US)$ reported third-quarter earnings Tuesday that beat analyst expectations on revenue and met earnings estimates. The company said it expects revenue from the current quarter to come in at $418 million, above current estimates of $402 million. Shares of Palantir closed down 9.35% at $24.25.
Source: Bloomberg, WSJ, CNBC

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