Breaking News: Lyft and Uber Incentive Details and Profits

Breaking News: Lyft and Uber Incentive Details and Profits
Via: Flickr.com

Investing.com - House Democrats confirm stimulus plans, Senate voted to allow Donald Trump trial to continue, US and China inflation data will be scrutinized, Uber will report earnings as Lyft promises to do, and prices oil prices continue to rise as world reserves continue to decline. This is what happens in the financial market on Wednesday, February 10th.



1. Democrats Reveal Even More Details about Incentives


Democratic lawmakers have released additional information on their plans to tackle the coronavirus, including provisions that will extend the $ 400 per week unemployment benefit payment until the end of August and keep the income threshold for incentive checks unchanged.


If adopted, these plans will be a big step towards the new administration's $ 1.9 trillion "undiluted" bailout package, with all the attendant implications for domestic demand and the issuance of US Treasuries.


The news comes after the Senate confirmed the legality of Donald Trump's second impeachment trial, and a sixth GOP senator voted in favor. Senate minority leader Mitch McConnell said the trial would be on the conscience of senators, and his comment eased pressure on GOP senators to acquit the former president.


Breaking News: Lyft and Uber Incentive Details and Profits
Via: Flickr.com

2. Powell will Speak after CPI Data


US consumer price data ( CPI ) for January is due for release at 8:30 am ET (13:30 GMT). Although they are not the most important indicator of inflation for the Federal Reserve, they will become the background for the speech of the head of the Fed, Jerome Powell, a little later.


Price data released in China overnight showed that consumer inflation eased there in January as quarantines were in place in various regions to contain new outbreaks of the COVID-19 virus. The inflation rate fell below zero - to -0.3% and would have been lower if not for relatively high food prices. Meanwhile, year-on-year producer price inflation turned positive for the first time since the pandemic began.


In addition to Powell's speech, Bank of England Governor Andrew Bailey will also deliver the keynote speech at London's Mansion House at 12:00 ET (17:00 GMT).



3. After Lyft Updates, the Market will open Higher


The US stock market will recover from the open after moderate losses on Tuesday, while progress in the implementation of the stimulus package and the prospect of an endless loose monetary policy from the Fed continues to create favorable conditions for risky assets.


By 6:30 am ET (11:30 GMT), Dow Jones futures were up 108 points, or 0.3%, while S&P 500 futures were up 0.4% and NASDAQ futures - by 0.4%.


Going forward, Lyft and Uber will likely be in the spotlight. Lyft shares are up 13% premarket, the highest since the start of the pandemic, after the company said Tuesday night it will be profitable this year. Lyft's upbeat outlook also helped Uber hit a premarket all-time high. Uber will report its results after the close on Wednesday.


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4. Toyota is Optimistic, and GM is going to Report a Profit


Toyota raised its earnings forecast for the year to March, reflecting a faster-than-expected recovery for the world's most profitable automaker.


On Wednesday, the company said it now expects about $ 253 billion in fiscal revenue, slightly higher than before, but has revised up its profit estimate by more than 50% to about $ 19 billion despite a global chip shortage. for the automotive industry threatening to raise production costs. However, both indicators are still lower than last year.


These numbers set a high bar for GM to report ahead of the stock exchange.



5. Oil Hit a 13-Month High Amid Declining Inventories


Crude oil prices rose to a new 13-month high after the American Petroleum Institute (API) reported a surprisingly large drop in US crude oil inventories last week. These numbers could be confirmed at 10:30 am ET (15:30 GMT) when the US Energy Information Administration ( EIA ) releases its own data.


Oil inventories at the important Fujairah storage facility in Saudi Arabia also fell to a two-month low last week, according to news reports. Royal Dutch Shell, meanwhile, has updated its forecasts for global oil demand, noting it may not peak until 2037.


By 06:40 am ET (11:40 GMT), US WTI crude oil futures are up 0.6% to $ 58.67 a barrel, while Brent crude oil futures are up 0.5% to $ 61.51 a barrel ...

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