Stock futures flat as investors await key inflation report: Live updates

48 minutes ago

McConnell joins Democrats to rule out US debt default after White House meeting

President Joe Biden and Democratic leaders, as well as Republican Senate Majority Leader Mitch McConnell, all pledged that the United States will not default on its debt after a high-stakes meeting at the White House.

“I made it clear during the meeting that default is not an option,” Biden said at a hastily called news conference.

“The United States has never defaulted on its debt and it never will,”[ads1]; said McConnell, who attended the meeting with GOP House Speaker Kevin McCarthy, California, Democratic Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries, both of New York. .

Schumer said McCarthy was the only attendee at the meeting who would not rule out a debt default. “We explicitly asked Speaker McCarthy if he would take default off the table. He refused,” Schumer said.

For his part, McCarthy told reporters he saw “no new movement” in negotiating positions. “Everyone in this meeting reiterated the positions they were on,” he said.

Despite little progress, the leaders will meet again on Friday. In the meantime, Biden said, their aides will meet every day.

-Christina Wikie

An hour ago

Airbnb falls 11% on soft guidance

Airbnb shares lost 11% in extended trading after sharing soft guidance for the current quarter.

Despite the after-hours losses, Airbnb reported first-quarter earnings that beat analyst estimates on both the top and bottom lines.

Looking ahead, the company warned of tough comparisons in the second quarter. Last year, the company profited in the period from pent-up travel demand following an omicron increase.

For the current period, Airbnb said it expects a decline in booking growth and average daily rates from a year ago.

See diagram…

Airbnb falls on disappointing guidance

— Samantha Subin, Ashley Capoot

An hour ago

Twilio, Confirm among stocks that move after hours

These are some of the names making the biggest moves after the clock:

Twilio – Twilio shares fell nearly 14% after giving a lighter-than-expected forecast for the current quarter. The company had a small turnover.

Rivian — The electric car stock gained more than 5% in extended trading. Rivian reported a smaller-than-expected loss and revenue beat Wall Street expectations. The company also confirmed its production target for electric cars.

Confirm – Shares of the buy-now-pay-later company fell more than 9% despite better-than-expected earnings. Losses for the quarter tripled from last year, but were smaller than expected.

– Samantha Subin

An hour ago

Stock futures open lower

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