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Markets

The market surged on Tuesday despite mixed inflation data, driven by the ongoing meme stock rally and President Biden's announcement of new tariffs on China. Today's release of the highly anticipated consumer price index could influence the Federal Reserve's decision on interest rate cuts. Additionally, Plug Power saw a significant rise after the Energy Department approved a roughly $1.7 billion loan for its clean hydrogen projects.

Here's the breakdown of today's market data:

• Nasdaq: $16,511.18 (+0.75%)

• S&P: $5,246.68 (+0.48%)

• Dow: $39,558.11 (+0.32%)

• 10-Year: 4.445% (-4.0 bps)

• Bitcoin: $61,584.89 (-2.29%)

• Plug Power: $3.44 (+19.03%)

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Finance

Stock Indexes Book Records After Inflation Eases

All three major U.S. stock indexes closed at record highs after the latest inflation report indicated moderating price pressures, defying a recent trend of higher-than-expected readings.

For the first time since March 21, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all hit all-time highs on the same day. The S&P 500 rose 1.2% on Wednesday, while the Dow industrials climbed 0.9%, adding roughly 350 points and coming within 100 points of 40,000. The tech-heavy Nasdaq Composite increased by 1.4%.

The benchmark 10-year Treasury yield fell to 4.354%, marking its third consecutive day of declines.

New data showed that U.S. inflation slightly eased in April. Previously, three Labor Department reports had indicated persistent inflation across much of the U.S. economy this year, raising doubts about if and when the Federal Reserve might lower interest rates.

Technology

Self driving cars are getting the heat

Self-driving cars are now under the spotlight due to federal investigations. Alphabet’s Waymo is the latest autonomous vehicle company to face scrutiny after the National Highway Traffic Safety Administration (NHTSA) launched a probe this week into 22 incidents involving its robotaxis.

The NHTSA, responsible for road safety, will examine instances where Waymo’s cars engaged in reckless behavior, such as driving into oncoming traffic, crashing into parked vehicles, or hitting stationary objects.

Investigation Surge

The probe into Waymo adds to the growing list of federal investigations in the autonomous vehicle industry:

• GM-owned Cruise faced multiple federal probes after one of its autonomous cars dragged a pedestrian over 20 feet last fall, prompting the company to temporarily withdraw all its driverless cars from the roads.

• The NHTSA is investigating Amazon’s Zoox for two incidents where its driverless cars were rear-ended after sudden braking.

• Tesla is under investigation for potentially misleading claims about its Autopilot function being fully self-driving and whether a recent software recall was sufficient to keep drivers alert, following several serious accidents involving Autopilot.

Moving Forward

Despite increasing public apprehension about driverless cars, companies remain committed to mainstreaming autonomous vehicles. Waymo is cooperating with the NHTSA and highlighted that its robotaxis complete 50,000 trips weekly with a solid safety record. Meanwhile, Cruise resumed operations this week, deploying driverless cars with human safety supervisors on board.

Big Picture: While federal authorities are intensifying their oversight, most regulations for driverless cars are determined at the state level.

Media

You can’t view this in the United Kingdom

In the New Yorker's latest viral investigative story, reporter Rachel Aviv raised questions about the credibility of the evidence that led to British nurse Lucy Letby’s conviction as a serial baby killer last year. However, a peculiar court order prevents people in the UK from accessing the article.

The webpage is blocked in the UK due to a government order that prohibits reporting new material related to the case. This order aims to prevent anything that might prejudice a jury, as Letby is set to face a retrial for one count of murder next month.

Not everyone agrees with this restriction. One Member of Parliament criticized the censorship, calling it “in defiance of open justice,” a UK legal principle that ensures judicial proceedings are conducted transparently for the public. The justice secretary, however, insisted that “court orders must be obeyed.”

Big Picture: The case has been enveloped in confusion, making it challenging for journalists to report on it. The judge granted total anonymity to all seventeen victims, their families, and eight hospital workers who testified—a level of secrecy usually reserved for cases involving risk to life or national security.

Meme of The Day

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