Wall Street Today | Tesla erases $199 billion in worst two-day rout in 14 months

Futures for Japan were steady and those for Hong Kong fell. Australia opened little changed, while U.S. futures slipped. The $S&P 500 Index(.SPX.US)$ dipped for the first time in nine sessions, hurt by financial shares amid a slump in the 10-year U.S. Treasury yield. The $NASDAQ 100 Index(.NDX.US)$ underperformed, in part on $Tesla(TSLA.US)$'s loss of $199 billion in value on a host of negative news.

Consumer prices likely surged last month at their fastest pace in about 30 years

Economists expect the consumer price index rose 0.6% in October and 5.9% on a year-over-year basis, the most since 1990. The CPI is hotter than economists initially expected it would be, and they now see it staying elevated into next year. "What we're seeing is there's this second wave of inflation that appears more broad based, and it's also backed up with a sharp increase in wages," said one economist.

$Tesla(TSLA.US)$ lost about $199 billion in value during its biggest back-to-back selloff since September 2020 amid a host of negative news. The shares tumbled 12% on Tuesday, after closing down 4.8% on Monday.

$Coinbase(COIN.US)$ reported weaker-than-expected revenue for the third quarter. The number of monthly transacting users dropped from the prior period, dropping to 7.4 million from 8.8 million in the second quarter. The stock sank more than 13% in extended trading. Both bitcoin and ethereum hit new all-time highs this week.

The company will be divided into separate units focused on aviation, health care and energy. The decision by GE earned praise from Wall Street analysts Tuesday morning. $GE Aerospace(GE.US)$ shares have badly underperformed the market over the last two decades.

$DoorDash(DASH.US)$ announced Tuesday it's acquiring Wolt, a food delivery platform that's expanded into groceries and retail, in an all-stock transaction valued at $8.1 billion. Wolt has about 4,000 employees and operates in 23 countries.

$Palantir(PLTR.US)$ reported third-quarter earnings Tuesday that beat analyst expectations on revenue and met earnings estimates. The company said it expects revenue from the current quarter to come in at $418 million, above current estimates of $402 million. Shares of Palantir closed down 9.35% at $24.25.