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Wall Street Heads South Pre-Bell, US Inflation Surges in April

05/12/2021 05:18

09:14 AM EDT, 05/12/2021 (MT Newswires) -- US stocks were set for a downbeat session Wednesday as traders digested the April inflation report.

Dow Jones Industrial Average slipped 103 points or 0.3%, S&P futures declined 15.3 points or 0.4% and Nasdaq futures fell 80.5 points or 0.6%.

Oil prices increased, with global benchmark Brent crude up 0.8% and US West Texas Intermediate up 0.9%, after industry data showed a massive weekly draw in US crude oil inventories.

At 8:30 am, data showed a 0.8% monthly increase in consumer prices in April, well above expectations for a 0.2% uptick and following March's 0.6% increase, while the year-over-year gain surged to 4.2% from 2.6% prior, according to Bloomberg data.

On the winning side, Japan's Nikkei closed 1.6% lower, Hong Kong's Hang Seng closed 0.7% higher, and China's Shanghai Composite closed 0.6% higher. Meanwhile, UK's FTSE 100 gained 0.7% and Germany's DAX index increased 0.2% in Europe's early afternoon session.

On the winning side, shares of Second Sight Medical Products (EYES) were 19.4% higher pre-bell after the company said an early feasibility study demonstrated benefit of its Orion visual cortical prosthesis to majority of participants. Upstart Holdings (UPST) shares surged 26% after the company posted higher Q1 profit and revenue. Ra Medical Systems (RMED) shares increased 23% after the company posted a narrower Q1 net loss.

On the losing side, Array Technologies (ARRY) shares slumped 26% after the company posted lower Q1 adjusted earnings and revenue. Grocery Outlet (GO) shares declined 13% after the company posted lower Q1 earnings and sales.