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U.S. indices rebound, as Biden talks inflationary worries
U.S. indices were trading marginally higher on Tuesday, as President Joe Biden discussed the current rise of inflation.
Speaking today from the White House, Biden stated that, “I know that families all across America are hurting because of inflation”.
The President went on to add that, “I want every American to know that I am taking inflation very seriously and it is my top domestic priority”.
All Time Inflation Data: source: tradingeconomics.com
Inflation is currently hovering around record highs, with the Federal Reserve already tightening monetary policy in hopes of containing the crisis.
As of writing this, the NASDAQ was trading 1% higher, with the S&P 500 up 0.21%.
Shares in Peloton were trading lower during today’s session, as traders reacted to the company’s disappointing earnings call.
In his first earnings call as CEO, Bob McCarthy said that, “The nature of turnarounds is they are full of surprises”.
Here McCarthy is speaking regarding the changes he was forced to make, since taking over the company.
Overall, Q1 was disappointing for the company which boomed during lockdown, as it reported a higher loss per share than expected.
LPS came in at $2.27 vs. 83 cents expected, with revenue at $964.3 million vs. $972.9 million expected.
Gasoline prices in U.S. hit new record high
Retail Gasoline prices in the United States surged to yet another all-time high on Tuesday, following recent rises.
Data from the American Automobile Association reported that prices at the pump averaged a cost of $4.374 per gallon earlier today.
💡 Can we expect good news for summer time? Prices aren’t expected to ease any time soon. Instead, analysts fear hurricane season could worsen the situation by hurting refinery capacity. |
Tuesday’s price overtakes the previous record of $4.331, and comes as inflation continues to climb.
With the EU potentially placing an oil and gas embargo on Russia in coming months, some expect this situation to worsen.
Despite this, OPEC+ continue to maintain previous output targets, which could create an environment where energy prices continue to hover at these levels.
“I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.”
-Jim Rogers.