**__ Diplomatt’s Daily Digest – May 11, 2022__**
Good morning and happy Wednesday, everyone! Stock futures were higher in early morning trading Wednesday ahead of a key U.S. inflation report. Investors are awaiting the release of April’s consumer price index this morning for the latest temperature check on inflation. Rising prices have been front-of-mind, particularly as the Federal Reserve is hiking interest rates and trimming its balance sheet to address inflation. Economists expect the CPI to rise 0.2% from the month prior and 8.1% year over year, according to the Dow Jones consensus estimate. That compares with March’s 8.5% year-over-year pace. Investors are also looking to earnings reports from companies including Toyota Motors, Walt Disney and Beyond Meat.

Quote of the week: “The secret of change is to focus all your energy not on fighting the old but on building the new.” — Socrates

**General News:**
• President Biden announced he could drop some of the tariffs imposed against Chinese imports to help control rising consumer prices in the U.S. — just as Wall Street braces for another inflation report north of 8%.
• April’s consumer price index report is expected to show inflation has already reached a peak — a development that some investors say could temporarily soothe markets.
• European natural gas prices jumped after Ukraine’s state-owned grid operator suspended Russian flows through a key entry point.
• Coinbase reported first-quarter results that missed analysts’ revenue estimates after the bell on Tuesday. Shares fell more than 15% in after-hours trading, building on a drop of 12.6% during regular trading hours before the results dropped.
• Tesla reduced vehicle production at its Shanghai factory this week due to parts shortages caused in part by a supplier’s Covid lockdown.
• Roblox shares fell about 10% in extended trading on Tuesday after the game company issued first-quarter results that trailed analysts’ estimates.
• Elon Musk said he would reverse Twitter’s ban on former president Donald Trump citing it was a mistake to ban him.
• Pfizer will pay $11.6 billion to buy migraine pill maker Biohaven Pharmaceutical, marking the biggest deal by the cashmxgztich drugmaker since 2016 to beef up its portfolio ahead of patent losses for some cancer drugs.
• Volkswagen is planning to resurrect the iconic “Scout” brand as an electric vehicle in the United States.
• Carvana, the used car dealer founded a decade ago whose meteoric growth was met with a fair number of problems, said Tuesday that it would lay off 2,500 employees, with executives going unpaid for the rest of 2022.

**StockTwits Top 10 Trending Tickers of the Day:**
1. SPY
2. AMC
8. BTC
10. QQQ

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