Inflation is looking a lot less "transitory" after CPI figures released yesterday, which showed consumer prices jumping 6.2% from a year ago and the fifth straight month higher than 5%. It's also the fastest rate since 1990, and while that might cause some worry in the general population, Wall Street appears to be discounting the effects. Many continue to argue that the Fed won't get too aggressive, inflation could moderate next year, while some think stocks could even benefit along with a rise in asset prices. Businesses are passing on higher costs to consumers, with 60% of small business owners raising prices in the previous 90 days, according to a November survey.

The magic faded at Disney on the release of Earnings as shares of the company fell nearly 5%. Subscription growth for Disney+, its flagship streaming service, slowed in the latest quarter, fueling fears that the days of big subscriber counts have plateaued. Only 2.1M subscribers were added during the fiscal fourth quarter (for a total of 118.1M), down from the 12.6M new subs notched in FQ3. Slowing growth among rival streaming services like HBO Max, Paramount+ and Peacock suggests strong pandemic gains are disappearing as more people seek entertainment outside the house.

In his first sales in more than five years, Elon Musk this week let go of $5B of stock in Tesla.  It comes just days after he promised Twitter he'd sell a 10% stake in the electric carmaker, with 58% of respondents voted "Yes" in a highly-publicized poll.