U.S. stocks traded higher yesterday, rebounding from a three-day losing streak as investors made classic reopening trades including airlines after the CDC said fully vaccinated people no longer need to wear a face mask or stay six feet away from others in most settings.
Another inflation gauge came in hot with producer prices jumping 6.2% in April from a year ago. Companies paid much higher prices to producers in April for everything from steel to meat in another sign of inflation in an economy rapidly recovering from the pandemic. Year over year the PPI spike was the largest increase since they started tracking the data.
Disney reported mixed fiscal second-quarter results, with the entertainment giant missing Wall Street's revenue expectations as its streaming service added fewer new subscribers than expected. Disney's myriad businesses have been unevenly impacted by the pandemic and start of the reopening process in the U.S. The company's streaming platform, Disney+, has been viewed as a beneficiary of stay-in-place orders, which drove a surge in sign-ups for the service last year. Shares are trading lower on the news.