Airbnb fell sharply on the stock exchanges in New York on Wednesday. The home rental platform performed better than experts expected last quarter, but the outlook for the current quarter was disappointing.
As a result, the stock was about 13 percent lower. However, investors’ attention was mainly focused on the US inflation figure, which was announced before the start of trading.
Consumer prices in the United States increased by 0.4 percent monthly in April. That was precisely in line with economists’ expectations, but more than in March. As a result, on an annual basis, inflation fell slightly to 4.9 percent. If inflation remains high, the Federal Reserve may raise interest rates further. At last week’s last interest rate decision, Fed President Jerome Powell hinted that the Fed may have finished raising rates.
Shortly after the start of trading, the Dow Jones index was 0.1 percent lower at 33,545 points. The broad S&P 500 rose 0.3 percent to 4133 points, and the tech indicator Nasdaq rose 0.8 percent to 12,274 points.
Rivian thickened more than 10 percent. The American manufacturer of electric cars suffered less-than-expected losses last quarter. Turnover was also higher than expected. Tech and web store group Amazon, which has a considerable interest in Rivian, won 2.3 percent.
Occidental Petroleum fell 2 percent after a disappointing quarterly profit from the oil and gas producer. Electronic Arts lost 1.3 percent. The American computer game developer posted more turnover and profit last quarter but remained cautious with its forecasts for the current quarter.
Twilio plummeted more than 17 percent. The cloud communications company booked slightly more turnover last quarter than experts had expected. However, the outlook for the current quarter was disappointing.
Paramount Global remained virtually flat. The company behind the film studio of the same name and television channels such as MTV, CBS and Nickelodeon is cutting about a quarter of the jobs at its domestic cable channels because they are losing more and more viewers.
Walt Disney won 0.2 percent. The media and entertainment group will report its quarterly results after the closing bell on Wall Street.