Key Takeaways
- U.S. equities made small gains at midday as the October Consumer Price Index was in line with economists’ estimates.
- Spotify posted a big jump in monthly active users, and shares rose.
- A report that it might soon declare bankruptcy sent shares of Spirit Airlines sinking.
U.S. equities were up at midday as the report on October consumer inflation came in as expected. The Dow Jones Industrial Average, S&P 500, and Nasdaq posted small gains.
Albemarle (ALB) shares advanced after lithium mining rival Liontown Resources cut production plans at its flagship project and said it was targeting cost cuts.
Shares of Rivian Automotive (RIVN) soared after the electric vehicle (EV) maker and Volkswagen announced an expanded partnership to develop EV technology that would give Rivian as much as $5.8 billion.
Spotify Technology (SPOT) shares jumped when the audio streaming service reported an 11% increase in monthly active users (MAU) and gave strong guidance.
Spirit Airlines (SAVE) shares plunged following a report that the discount airline could file for bankruptcy within weeks after failing to work out a merger with rival Frontier (ULCC).
Shares of Instacart, which trades under the name of its parent, Maplebear (CART), sank when the grocery delivery service gave a weak outlook after one of its partners was impacted by an internet glitch.
Rocket Companies (RKT) shares dropped after the online mortgage lender badly missed revenue estimates and gave soft guidance as high borrowing costs continued to limit demand for home purchases.
Oil futures edged higher. Gold prices edged lower. The yield on the 10-year Treasury note was down slightly. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded higher, with bitcoin surpassing $90,000.
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