**__ Diplomatt’s Daily Digest – May 12, 2022__**
Good morning and happy Thursday, everyone! Stock futures traded lower Thursday morning as a sell-off continues on Wall Street that’s pushed the S&P 500 to the lowest in more than a year and to the cusp of a bear market. The latest inflation data on Wednesday showed consumer prices in April jumped 8.3%, higher than expected and still running close to a 40-year high of 8.5%. The report caused investors to continue to sell risky assets like tech stocks and bitcoin. Bitcoin plunged below $27,000 overnight Thursday from inflation fears and the collapse of the controversial stablecoin TerraUSD. Tech companies with bitcoin holdings declined in the premarket. Tesla lost 2%, while MicroStrategy fell 10%. In economic data, investors will be looking out for the latest on jobless claims, which will be released at 8:30. They’re also looking forward to fresh data on the producer price index, which measures prices at the wholesale level.

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:**
• Although the company added a better-than-expected 7.9 million Disney+ subscribers in the quarter, Disney shares slid after hours Wednesday when Chief Financial Officer Christine McCarthy acknowledged the second half of the year may not be quite as strong relative to the first half.
• Electric vehicle maker Rivian Automotive maintained its 2022 production target, saying it’s still on track to build 25,000 vehicles this year, as it reported a jump in reservations and a first-quarter loss that was slightly narrower than Wall Street had expected.
• Embattled electric vehicle start-up Lordstown Motors announced it has closed a $230 million deal to sell its Ohio factory to Taiwanese contract manufacturer Hon Hai Technology Group, better known as Foxconn.
• Beyond Meat announced reported a wider-than-expected loss for its first quarter as the launch of its new plant-based jerky weighed heavily on margins. Shares of the company fell as much as 25% in extended trading, extending the stock’s losses from earlier in the day. Beyond’s stock closed Wednesday down 13.8% ahead of the company’s earnings report.
• Oil giant Saudi Aramco on Wednesday surpassed Apple as the world’s most valuable firm.
• Google announced several new gadgets during its I/O developer conference on Wednesday, including its long-awaited Pixel Watch, a new budget Pixel 6a phone, and headphones. It also teased its flagship Pixel 7 phone, which is coming this fall, and said it’s working on a new tablet.
• SoftBank reported a record loss at its Vision Fund investment unit, as technology stocks have been hammered by rising interest rates and Beijing’s regulatory crackdown has hurt its China holdings. The Japanese giant’s Vision Fund posted a 3.5 trillion yen loss ($27.4 billion) for its financial year ended Mar. 31, the biggest loss since the investment fund began in 2017.

**StockTwits Top 10 Trending Tickers of the Day:**
2. SPY
3. AMC
4. BTC
6. QQQ
10. MULN

More articles