Twitter to sue Elon Musk; US inflation soars to 40-year high: Check important updates from the US market

Stock futures slid on Wednesday, indicating a lower open for US stocks after June inflation data came in higher than expected. Here are four important updates from the US stock market:

US inflation highest in 40 years

US inflation as measured by the consumer price index soared 9.1% from a year ago, much above analyst estimates of 8.6%. That marked another month of the fastest pace for inflation growth since December 1981. Excluding volatile food and energy prices,core CPI increased 5.9%, compared to the 5.7% estimate. Investors remained concerned that higher than expected inflation would lead to more rate hikes from the US Federal Reserve. 

Twitter to sue Elon Musk

• Twitter has now filed suit against Elon Musk in the Delaware Court after Musk terminated the $44 billion deal to buy the company.
• Twitter argued that Musk’s conduct during his pursuit of the social network was in “bad faith”.
• Suit claims that Musk’s reasons to terminate the deal, including the prevalence of bots, are “pretexts.”
• As per analysts, there is no clear winner in this and Twitter’s stock would continue to suffer amid the legal tussle.

Google slows hiring

• Google will slow the pace of hiring for the rest of the year amid the global economic crisis.
• Google CEO Sundar Pichai delved into the uncertain global macroeconomic outlook and how Google also hasn't been immune to these headwinds.
• Google will focus more on engineering, technical and other critical roles so the talent it hires is aligned with its long-term priorities.

Delta Airline quarterly results

• A surge in travel demand helped the airline post $735 million in net income and generated $13.82 billion in revenue.
• It estimates third-quarter capacity to be 83%-85% of 2019 levels.
• United and American Airlines announce results next week.

We are in for another volatile session on Wednesday. Follow INDmoney for the latest updates!