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5 things you should know before the markets open

by SuperiorInvest

The Labor Department will release its latest inflation data, and Ford EV owners will soon be able to use Tesla charging stations. Here’s what investors need to know today.

1. The Fed’s preferred gauge of inflation is expected to show an acceleration in price growth

The latest from the Department of Labor Price index of personal consumption expenditures (PCE). is expected to show that inflation rose slightly in April when it is released at 8:30 a.m. ET. Analysts assume Federal Reserve the preferred inflation gauge will show that PCE rose 0.3% last month, accelerating from a 0.1% gain in March, with the annual rate of inflation rising to 4.3% in April from 4.2% in March.

2. Ford EVs will gain access to Tesla charging stations

Competing manufacturers of electric vehicles Ford Motor (F) a Tesla (TSLA) will share access to charging ports as America’s two leading EV manufacturers move toward a common charging platform. Under the deal, current Ford EV owners will be able to use more than 12,000 Tesla Superchargers in the US and Canada using an adapter starting early next year. Future Ford EVs will be manufactured to include a Tesla charging port. Ford stocks and Tesla rose about 0.5% in premarket trading.

3. JPMorgan Chase Develops ‘IndexGPT’ AI Investing Chatbot

JPMorgan Chase (JPM) is developing a similar ChatGPT Artificial Intelligence an investment tool that will use “cloud computing software using artificial intelligence” to “analyze and select securities tailored to customer needs.” A trademark application from a New York-based bank showed AI chatbot software will be called “IndexGPT”. JPMorgan shares were trading 0.3% higher in premarket trading.

4. Gap shares rise after a retailer improves gross margins and narrows losses

Gap shares (GPS) jumped 11% in premarket trading after the retailer said it had cut its losses and that its gross margins had improved thanks to fewer events and lower air freight costs. The retailer, whose brands also include Banana Republic, Old Navy and Athleta, reported a net loss of $18 million, or 5 cents per share, in the first quarter of 2023, compared with $162 million, or 44 cents per share, in the same period last year. year.

5. Icahn’s firm continues to fall after Ackerman questions valuation

Shares of Carl Icahn’s investment company Icahn Enterprises LP (IEP) collapsed after rival investor Bill Ackman raised questions about the company’s high valuation. Icahn Enterprises LP has lost more than 60% of its value since short seller Hindenburg Research published a bullish report on the firm three weeks ago, comparing it to “Ponzi scheme.” Shares fell more than 20% on Thursday and were trading 2% lower in premarket trading.

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