All Eyes On CPI: The S&P 500 and Nasdaq were each up, slightly, Wednesday morning as Wall Street awaits July’s CPI, the Consumer Price Index, which will be released at 8:30 am ET. The consensus estimate is 8.7% year-over-year inflation, compared to 9.1% for June.
Many bullish investors are hoping that this CPI report will show that inflation has eased in a meaningful way. Data from AAA shows that gas prices have been consistently falling for the past 50 days or so, and food prices have started to drop as well.
More Trouble At Coinbase?: Coinbase Global Inc (NASDAQ:COIN), one of the largest crypto exchanges in the world, reported earnings after the close yesterday. The company reported a net loss of more than $1 billion, and reported a revenue of about $808 million, missing the estimates of $832 million.
Coinflex CEO Ben Weiss thinks that Coinbase’s stock could potentially have upside from here.
“The crypto market has seen a lot of volatility, deleveraging, and downward pressure on crypto asset price,” Weiss said. “I feel that the market is conflating the performance of crypto assets with the companies in the crypto ecosystem, and therefore the reduction in Coinbase stock price is possibly an overcorrection.”
In Other News: Elon Musk sold nearly 8 million shares of Tesla Inc (NASDAQ:TSLA), worth $6.9 billion, according to filings released last night. He then took to Twitter to say that he is done selling (which he also said back in April) and that he did so in case he is forced to buy Twitter and other investors back out.
Photo: Courtesy of RosieTulips on flickr
