By Liz Moyer
Investing.com — Tech stocks led the market lower on Wednesday after a Labor Department report showing inflation ran 4.2% in April over last year, the fastest pace in 13 years.
Investors who are worried about inflation dumped big tech names, sending the down more than 2.5%. Consumer prices jumped mainly because of a rise in used car prices, but the costs of food, household goods, and energy are also rising.
The ongoing shutdown of the Colonial Pipeline has people in the Southeast lining up even as many gas stations report they are out of fuel. Gas prices jumped above $3 a gallon for the first time since 2014.
President Joe Biden met with top congressional leaders at the White House on Wednesday to discuss his $2.3 trillion infrastructure bill, but Republicans including Senate Minority Leader Mitch McConnell have vowed to fight it.
Here are three things that could affect markets tomorrow:
1. Disney earnings
Walt Disney Company (NYSE:) reports earnings after the bell tomorrow. Analysts tracked by Investing.com expect the Hollywood studio and theme park giant to report profit of 27 cents a share on revenue of $15.8 billion. More important to investors will be what executives say about the rest of the year now that Disneyland has reopened and tourists are traveling again.
2. Airbnb earnings
Speaking of travel, Airbnb Inc (NASDAQ:) is seen reporting a loss of $1.06 a share on revenue of $718 million, hopefully putting the pandemic behind it. The stock debuted in December at $146 and is down 3% this year, to $140.
3. More jobs data
Jobless claims come out as usual on Thursday morning and analysts are paying attention after last week’s disappointing jobs report for April and record job opening numbers earlier this week. Some governors, and the Chamber of Commerce, are calling to end extra federal unemployment payments they say are keeping people from taking jobs. President Joe Biden has said the payments are necessary to sustain families as the economy reopens. Analysts tracked by Investing.com see claims of 490,000 and claims of 3.6 million. The data are released at 8:30 AM ET (1230 GMT).
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