5 things to know before the stock market opens Wednesday

Here are the most important news investors need to start their trading day:

We’ve hit the midpoint of a bleak week for stocks. The Dow and S&P 500 slumped on Tuesday after the government’s consumer price index for January showed warmer-than-expected inflation. However, the Nasdaq ended the session in the green. Even though the inflation print exceeded economists’ estimates, Wall Street was taking it as progress because it still showed a slowing in the pace of price increases. Wednesday brings more data, including housing market indicators, as well as corporate earnings reports kraft heinz before open and cisco after the bell. follow live market updates,

In a rare moment of agreement between the Biden administration and Elon Musk’s electric vehicle empire, Tesla agreed to open its thousands of charging stations For EVs made by other companies, according to the White House. Tesla and other companies that build and operate charging networks are also in line to win federal funding if their charging infrastructure lives up to government standards. Tesla agreed to make available at least 7,500 chargers in the US for any compatible EV by the end of next year. This includes the company’s 3,500 Superchargers located along major highways, in addition to the slower Level 2 destination chargers that Tesla offers at restaurants and hotels, among other locations.

It’s not all good news in the world of EV batteries, though. ford halted the production and shipment of its flagship F-150 Lightning Pickup On a possible issue with its battery. The company did not reveal too many details about the potential problem, which came to the fore during pre-delivery quality inspection. It’s the latest difficulty facing Ford. Earlier this month, the company posted ugly fourth quarter results and a net loss for 2022 as it faces execution problems. Ford is looking to cut costs this year as it seeks change as EV competition heats up.

Goldman Sachs abandoning plans for branded credit card, CNBC’s Hugh Son reported Tuesday, as the Wall Street powerhouse continues to dismantle its consumer-banking strategy. Goldman CEO David Solomon is moving away from his previous intention to turn the company into a bank for the people as losses mount and consumers face inflation and other economic constraints. Goldman divested it in October retail operations, Later, the company said It will spin off its Marcus personal loan business and quit offering checking accounts to a wider customer base. With all this happening, it doesn’t make sense to launch a consumer credit card now.

If you want a recent example of how sensitive the economy is to changes in interest rates, look no further than Wednesday’s mortgage demand report. Total mortgage application volume fell As of last week 7.7% mortgage bankers association, as the popular 30-year fixed rate rose to 6.39% from 6.18%. Refinancing applications fell 13% week over week, while applications to buy homes were down 6%. “Mortgage rates rose last week, higher than market expectations that inflation would remain, thus requiring the Federal Reserve to keep monetary policy accommodative longer,” said Joel Kahn, MBA’s top economist.

— CNBC’s Hakyung Kim, Lora Kolodny, John Rosevear, Michael Wayland, Hugh Son and Diana Olick contributed to this report.

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