P said Wednesday morning that U.S. companies added a much weaker-than-expected 247,000 jobs in April, as employers continue to struggle to find workers to fill open positions. The P data has not been the greatest indicator of the government’s monthly payrolls number, which comes Friday. (CNBC) * Weekly mortgage demand rose for first time since early March, but it won’t last (CNBC)
The benchmark 10-year Treasury yield on Wednesday ticked higher but traded below the prior session’s push above 3% for a high back to December 2018. The Fed’s May meeting ends at 2 p.m. ET and Chairman Jerome Powell holds his typical post-meeting news conference 30 minutes later. (CNBC) Respondents to the May CNBC Fed Survey expect the central bank to hike rates by 50 basis points again next month. The market expects rate increases at the Fed’s July, September, November and December meetings of at least 25 basis points, like the move in March. (CNBC)
U.S. stock futures pointed to a higher open Wednesday ahead of the conclusion of the Fed’s two-day May meeting, which almost certainly will bring an aggressive 50 basis point interest rate hike to fight inflation. If the premarket gains were to hold by the close, it would be the third straight positive session for the Dow , the S&P 500 and the Nasdaq , the first time that’s happened since March. (CNBC)
Lyft (LYFT) shares sank in Wednesday’s premarket, the morning after the ride-hailing company said it would increase spending to attract more drivers, leading to forward guidance that fell short of analyst predictions. First-quarter earnings of 7 cents per share beat estimates for a 7-cent loss. Revenue of $876 million also surpassed estimates. (CNBC)
Shares of Uber (UBER) dropped in the premarket after the rides and logistics giant on Wednesday morning reported a better-than-expected increase in revenue during the first quarter to $6.85 billion. The company said it won’t have to put up “significant” investments to keep drivers. Uber did report a net loss of $5.9 billion for the first quarter, primarily due to its equity investments. (CNBC)
* Chinese ride-hailing giant Didi says U.S. regulator is investigating its $4 billion IPO (CNBC)
Moderna (MRNA) sold $5.9 billion of its Covid vaccine in the first quarter, blowing out revenue and profit expectations. The company’s shares soared by nearly 6% in premarket trading. The biotech name on Wednesday maintained its full-year guidance of $21 billion in Covid vaccine sales. CEO Stephane Bancel expects to book even stronger vaccine sales in the second half of the year. (CNBC)
CVS Health (CVS) rose roughly 1.5% in the premarket after the drugstore and benefits management giant Wednesday morning reported better-than-expected first-quarter earnings and revenue. CVS said it saw a more typical cough, cold and flu season in the first quarter. Sales of over-the-counter Covid tests helped results, but coronavirus vaccines and in-store testing declined. CVS also raised full-year guidance. (CNBC)
Starbucks (SUBX) shares rose about 7% in Wednesday’s premarket, the morning after the coffee company’s fiscal second-quarter revenue topped estimates. Profit matched. Starbucks suspended its fiscal 2022 outlook, citing lockdowns in China, inflation and investments in its stores and employees. Chinese same-store sales sank 23%. U.S. same-store sales climbed 12%. (CNBC)
Starbucks said it’ll hike wages for tenured workers and double new employee training as the company and interim CEO Howard Schultz seek to beat back unionization efforts. Starbucks won’t offer the enhanced benefits to workers at the roughly 50 company-owned cafes that have voted to unionize. Such changes at union stores would have to come through bargaining, the company said. (CNBC)
Elon Musk has said that businesses and governments may soon need to pay a “slight cost” to use Twitter (TWTR) just weeks after announcing he plans to buy the social media platform for $44 billion. The tech billionaire, who is also the CEO of Tesla (TSLA) and SpaceX, added in a post late Tuesday that the platform will continue to be free for “casual users.” (CNBC)
* Musk invited to discuss $44 billion Twitter deal in UK Parliament (CNBC)
The European Commission, the executive arm of the EU, on Wednesday put forward new sanctions against the Kremlin, which will include a six-month phase out of Russian crude imports. Russia’s unprovoked invasion of Ukraine, and evidence of war crimes, has pushed the EU to take bolder steps on energy sanctions. (CNBC)
* Russia pounds Ukraine, targeting supply of Western arms (AP)
Comedian Dave Chappelle was attacked by an audience member during a live performance at the Hollywood Bowl in Los Angeles, according to the Los Angeles Police Department. A male suspect on Tuesday evening jumped on stage and onto Chappelle as he was about to exit, police said. Security officers intervened at that time to detain the suspect. (CNBC)
Buoyed by former President Donald Trump’s endorsement, J.D. Vance prevailed in Ohio’s competitive Republican Senate primary Tuesday and will face off in November against Democratic Rep. Tim Ryan, NBC News projects.
* Ohio Gov. DeWine prevails in contentious GOP primary, NBC News projects
Up to 26 states, or about half of the United States, are expected to quickly ban or more severely limit abortions if the Supreme Court reverses its 49-year-old ruling in Roe v. Wade, according to a leading reproductive rights advocacy group. (CNBC)