Dow futures mildly higher as traders shrug off strong inflation data

Wall Street

Wall Street brushes off inflation spike

Dow Jones futures were trading slightly higher early Friday morning as traders brushed off Thursday’s inflation data from the U.S. Labor Department, which showed CPI increased at a rate of 5% in May from a year ago, the highest since August 2008.

A separate report published by the department showed jobless claims fell to 376,000 last week, from 385,000 the prior week.

As of 5:30 a.m. ET, futures tied to the Dow rose 42.5 points, or 0.12% to 34,503.5. The S&P 500 futures and the tech-heavy Nasdaq 100 futures were little changed.

Bipartisan group of senators reaches deal on $1.2 trillion infrastructure spending plan

Meanwhile, a group of 10 Republican and Democratic senators have agreed on a $1.2 trillion eight-year infrastructure spending plan that would not hike taxes, according to the Associated Press.

The plan reportedly calls for $579 billion in new infrastructure spending, and would spend $974 billion over five years and $1.2 trillion if it extended over eight years.

“Our group – comprised of 10 Senators, 5 from each party – has worked in good faith and reached a bipartisan agreement on a realistic, compromise framework to modernize our nation’s infrastructure and energy technologies,” the senators said in a joint statement, according to the publication.

Tesla reveals Model S Plaid; Musk calls it “limit-of-physics engineering”

Tesla (NASDAQ: TSLA) has unveiled Model S Plaid, which can go 0-60mph in under 2 seconds, making it the fastest production car ever.

CEO Elon Musk announced the car an event for buyers at Tesla’s factory in Fremont, California late Thursday.

“Why make this really fast car that’s crazy fast? It’s something that’s quite important to the future of sustainable energy. We’ve gotta show that an electric car is the best car, hands down. This is what I call limit-of-physics engineering,” Musk said at the event.

Musk also said the car offers PlayStation 5 levels of video game performance and its sound systems have the feel of a home-theater experience.

According to Tesla’s website, the Model S Plaid will sell for a starting price of $129,990, excluding any additional features, like interior colors and paint.

Didi files for a U.S. IPO

Popular Chinese ride hailing giant Didi Chuxing has officially submitted paperwork to the U.S. Securities and Exchange Commission (SEC) for an initial public offering.

Didi, which is backed by SoftBank, Tencent and Alibaba (NYSE: BABA), made the filing on Thursday setting the stage for what is likely to be the world’s biggest listing this year.

The company did not disclose the size of IPO, but said it intends to list on either the Nasdaq or the New York Stock Exchange, under the ticker symbol “DIDI.”

Reuters, citing people familiar with matter, had previously reported that it could raise roughly $10 billion and aim for a valuation of about $100 billion.