Rivian shares rise, inflation check and more: Friday's 5 things to know
Investors will keep and eye on shares of electric-vehicle maker Rivian, which reported a loss for the quarter that nearly tripled and the latest reading on consumer sentiment
The market is acting like US is coming out of a recession and not going into one: Expert
Stock market experts Victoria Greene and Scott Martin provide insight on the bear market rally and the state of the U.S. economy on 'Making Money.'
Here are the key events taking place on Friday that could impact trading.
We’ll wrap up a busy week of economic data with a look at import prices and the mood of consumer.
INFLATION WATCH: Prices of imported goods for July likely fell 1% month-over-month, compared with a 0.2% increase in June and further evidence that inflation may have peaked. For comparison, March’s 2.9% surge marked the biggest increase in 11 years.
Meantime, export prices are expected to fall 1.1% in July. That compares with a rise of 0.7% the prior month.
FILE PHOTO: Shipping containers are seen at the container terminal of the port of Oakland, California. (REUTERS/Carlos Barria / Reuters Photos)
RIVIAN AUTOMOTIVE: Shares of the electric-vehicle maker gained 1.5% in premarket trading in a reversal from the 2% loss seen in extended trading after the company reported a net loss in the second quarter that nearly tripled to $1.7 billion. The company did report quarterly revenue of $364 million, topping estimates. Rivian CEO R.J. Scaringe told the Atlanta Journal-Constitution the company will meet its goal of constructing 25,000 automobiles this year, but expects "losses to widen" due to higher costs, supply chain issues, and "other headwinds."
EV MAKER RIVIAN SAYS ITS CURRENT MODELS WILL NOT QUALIFY FOR TAX BREAKS
A Rivian truck on the assembly line (Rivian)
JOHNSON & JOHNSON: The company is discontinuing talc-based baby powder next year. J&J says the transition will simplify product offerings, deliver sustainable innovation, and meet the needs of consumers, customers and evolving global trends. The company created a spinoff company in October 2021 to isolate lawsuits from consumers who claimed Johnson's baby powder was contaminated with asbestos. The spinoff, LTL Management, then filed for bankruptcy.
JOHNSON & JOHNSON TO END SALE OF TALC-BASED BABY POWDER GLOBALLY IN 2023
FILE PHOTO: Bottles of Johnson & Johnson baby powder line a drugstore shelf in New York. (REUTERS/Lucas Jackson / Reuters Photos)
SENTIMENT: The University of Michigan releases its preliminary index of consumer sentiment for August. It’s expected to rise a point to 52.5, the second straight monthly increase, after tumbling to an all-time low of 50.0 in June when record-high gasoline prices drove inflation fears.
OIL GAINS: West Texas Intermediate (WTI) crude futures traded around $93.00 a barrel and was on track for a weekly gain of more than 5%, recouping about half of last week's loss.
Brent crude futures traded around $99.00 a barrel and was headed for a gain of more than 4% for the week, recouping part of last week's 14% tumble.
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Oil prices dipped on Friday amid uncertainty on the demand outlook based on contrasting views from OPEC and the International Energy Agency (IEA), but benchmark contracts were headed for weekly gains as recession fears eased.