U.S. inflation reached 9.1% in June compared to last year, its highest increase since 1981. Core prices, excluding food and energy, rose 5.9% YoY, and increased 0.7% on a month-to-month basis. Prices rose broadly across the economy, but the price of gasoline, which rose 11.2% in June, continues to lead other categories. In May, inflation rose 8.6% YoY, and 0.6% on a month-to-month basis. More: - Food prices rose to 10.4% in June compared to last year and rose 1% on a month-to-month basis.
- Energy jumped to 41.6% in June compared to last year and increased 7.5% on a month-to-month basis.
- The Fed has signaled plans to raise its benchmark interest rate by another 0.75% at its next meeting later this month.
- Stocks fell slightly following news of inflation data. The S&P 500 closed at 3,801.78, the Dow at 30,772.79, and the Nasdaq at 11,247.58, all declines of less than 1%.
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Netflix has chosen Microsoft as its partner for its ad-supported service. In a statement, Netflix COO Greg Peters said Microsoft has the proven ability to support the streaming platform’s needs as they work together to build out a new ad-supported offering. Peters added that Microsoft also offered Netflix the flexibility to innovate over time on both the technology and sales side. More: - At its last quarterly earnings call, Netflix announced it plans to develop an ad-supported tier, a move it has resisted for years.
- The company plans to launch the ad-supported tier before the end of the year amid stiffer competition in the streaming market.
- Netflix has been reviewing potential partners, including Google and Comcast.
- Microsoft doesn’t operate a competing streaming service to Netflix, unlike Google, which owns YouTube, and Comcast, which operates NBCUniversal’s Peacock.
- Netflix is scheduled to release Q2 earnings next Tuesday.
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Delta Airlines released its Q2 FY2022 earnings on Wednesday, beating analysts’ expectations on revenue but missing on earnings per share. The airline generated $13.8B in revenue, up 10% compared to 2019, and net income came in at $735M or $1.44 a share. Delta said it has added 18,000 employees since the start of 2021, bringing its headcount to about 95% of its 2019 level. More: - Delta said domestic corporate travel sales are 80% recovered compared to 2019 and increased 25% from Q1.
- Delta reported costs per seat per mile rose 22% compared to 2019 levels, and fuel costs jumped 41% compared to 2019 levels, to $3.2B.
- The airline is expecting Q3 capacity between 83% and 85% of 2019 levels as it struggles to train new staff.
- It expects Q3 revenue to increase by 1% to 5% compared to 2019.
- Delta shares closed at $29.70, down 4.47% for the day.
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The European Commission wants its member states to cut down on heating and give financial incentives to companies that reduce their gas demand. The move is part of a gas demand reduction plan the commission is drafting in a bid to reduce gas needs ahead of winter to prevent an energy crisis as Russia cuts supplies. More: - Countries are being encouraged to switch to renewables or postpone the shutdown of their nuclear power plants to cut gas use.
- Other measures being considered under the plan include exempting restarted coal-fired power stations from industrial emissions targets.
- The commission is also encouraging member states to limit heating in public buildings to 19C (66F) and cooling to 25C (77F) and start information campaigns on ways to conserve energy.
- Until recently, Russia supplied about 40% of the EU’s natural gas needs.
- Russia has cut flows from the Nord Stream 1, its main gas pipeline to the EU, by 60%.
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EV startup Polestar said it is on track to deliver 50,000 vehicles this year. The Sweden-based company said it had delivered about 21,200 cars in H1, up 123% YoY. The company said its H1 total was impacted by China's COVID-19 lockdowns, which idled its Chinese assembly plant for several weeks. More: - Polestar was founded in 1996 through a joint venture between Sweden's Volvo Cars and Polestar Racing.
- It was acquired by Volvo Cars' parent company Geely in 2015.
- Polestar went public in June via a SPAC merger with Gores Guggenheim; it raised $890M.
- The company plans to start producing its third model, an electric SUV called Polestar 3, this fall.
- The company aims to sell 290,000 vehicles globally in 2025. It currently operates about 125 retail locations in 25 countries.
- Polestar shares closed at $10.12, up 1.5% for the day.
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Google announced it will slow the pace of its hiring for the rest of the year. In a memo sent to employees on Tuesday, CEO Sundar Pichai said the company would have to be more entrepreneurial and work with greater urgency, sharper focus, and more hunger. The company said it will still hire for engineering, technical, and other critical roles. More: - Google joins a growing number of tech companies that have announced either hiring freezes or slowdowns.
- Meta, Microsoft, and Amazon have all cut hiring targets for the second half of the year.
- Google added that reducing new hires would mean pausing development and re-deploying resources to higher priority areas.
- Alphabet shares, Google’s parent, closed at $2,243.74, down 2.32% for the day.
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- The Bank of Canada raised its benchmark interest rate by 1% on Wednesday, its largest hike since 1998. Officials pointed to rising and persistent inflation. The move brings the central bank’s policy rate to 2.5%.
- Spirit Airlines has delayed its shareholder vote on the Frontier deal again, this time to July 27. The company reiterated its preference for being acquired by fellow discount airline Frontier instead of JetBlue Airways, which has been campaigning for the partnership.
- Goldman Sachs has hired Jared Cohen, who founded technology incubator Jigsaw at Google, to co-lead its newly formed applied innovation unit. Cohen has previously served as an advisor to Google’s CEO, Eric Schmidt.
- EV Startup Lordstown Motors has named its president Edward Hightower as its new CEO. Outgoing CEO Daniel Ninivaggi will become the company’s chairman focusing on corporate strategy.
- The two-year Treasury yield jumped to about 3.13% on Wednesday, while the 10-year rate dropped to 2.91%, pushing the inversion between the two rates to their largest since 2000. The yields move inversely to prices.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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