Uber Invests $1.25B in Rivian, Micron Delivers Blowout Earnings

Markets dropped across the board on Wednesday, with the Dow, S&P 500, and Nasdaq each down about 1.5%, hitting yearly lows as every sector declined. Investors reacted to hotter-than-expected PPI inflation data, the Fed's steady rates decision, Jerome Powell's comments on stalled disinflation amid war-driven energy spikes, and further Middle East escalations. The episode covers these macro pressures alongside standout corporate updates, including Micron's blowout earnings, Uber's Rivian investment, mixed smaller stock moves, and Meta's metaverse pivot.

Inflation Data, Fed Stance, and Oil Disruptions

PPI, measuring wholesale inflation, rose 7% month-over-month in February—more than double forecasts—and predates recent war impacts. Jerome Powell noted limited progress on inflation during the Fed's press conference, compounded by rising energy prices from the Israel-Iran conflict. The labor market is softening, but surging inflation prevents rate cuts, leaving the Fed in a "difficult situation."