 What's going on folks this is Jacob filling in for Tom O'Brien today an honor of his show We're gonna read through some of the cards he has here So this one says you are never responsible for the actions of others, but you are responsible for you If someone is not treating you with love and respect it is a gift if they walk away from you You may hurt for a while, but your heart will eventually heal and we all got to know our worth everyone so today as They were saying low volume. We're kind of trading sideways and a lot of the indices Cues down point seven nine Gold is down just a little bit the dollars up a bit One of the big things that I saw is lift just taking the absolute L today. They had bad earnings yesterday Massive massive volume dumping down here Lift shares fell 24% during after hours trading after issuing week guidance in its earnings report on Thursday It's interesting too because uber kind of knocked it out of the park But uber is down a little bit as well. Obviously not down 35 percent 36 percent almost So some of the key numbers here has a loss per share of 74 cents revenue was 1.18 versus 1.16 billion Um lift said it expects to make roughly 975 million in revenue in the fiscal first quarter of 2023 Lower than the 1.09 billion analysts anticipated according to some analysts so Yeah, bad bad time to be a lift investor The the uber downturn this had a pretty big Run up on You know reports that they were going to beat earnings a lot of the chat On a bunch of forums online was like you got to get into this right now because they're about to beat it and they did all right Um You can see here some high volume. This is they're in a kind of a better situation Obviously then lift In other important news the waiting for the cpi is going to be altered. So, um The through this today the u.s. Monthly consumer prices Rose in december instead of falling as previously estimated and data for the prior two months was also revised Which some economists said raised the risk of higher inflation readings in the month ahead. So What's going on here with this? Um Basically according to bloomberg They they are shifting weight. So one of the things that they're reducing is going to be some of these deflationary pressures And that's mainly going to be um used car sales, which the prices are going down. Remember, you know last year And I even remember like in march of 2022 when I was in the market Um, it didn't it didn't make any sense not to buy a new car Used car prices were so high. This has been uh dropping and this is kind of dragging Inflation a little bit So they're reducing that and they are increasing the component Of owners equivalent rent With a large weighting of 3.4 0.4 percent and that's up from about three 32.8 percent So at the moment the housing components are some of the largest drivers of inflation Owners equivalent rent rose 0.8 percent In december. So, you know, what does this say for the market? Obviously with like higher cpi Um, excuse me increasing cpi Um, this kind of suggests that we're going to have longer rates on the horizon Excuse me, um Greater rate increases for a longer period of time That can be a little bit deflationary on prices in the market itself Certainly in the short term, but I think what their idea is with this Is it gets a better idea of the really heavy players, right? So yes, car prices are deflating And lowering inflation But focusing on these main drivers Of inflation is massive and so maybe gets a better idea of analysts On the fed side to see to see what's going on to get down Something like equivalent rent They do suggest that on the long term, however, we're going to see these kind of prices decrease And that will that will lower inflation and so maybe targeting something that's like the heaviest Kind of driver of inflation Is super important We'll see what goes on with that, but obviously for the short term, you know, um, that's this is not great for the market And it also makes you think, you know, you had so many You had so many moves in the past, you know, few months of last year Depending on this good cpi And uh, it turns out actually that there was a, you know, minor increase, you know, albeit minor, but um an increase nonetheless um On the inflation note China's factory, um, china's factories prices fall as manufacturing struggles to recover. This is from rooters Producer price index falls more than expected in january consumer price increases slightly below forecast and monetary easing more likely than tightening Um, china's january factory gate prices fell more than economists expected Suggesting that flashes of domestic demand that had stowed consumer prices after the zero covet policy ended are not yet strong enough To rekindle upstream sectors The ppi was down 0.8 on a year earlier extending to 0.7 drop the prior month and faster Then the 0.5 fall tipped in a rooters pool Mergers pool, uh, even though manufacturing activity returned to growth in january So this is interesting a little bit. Um A little later in the show I'll uh, you know, the chinese are huge on on this kind of fabrication. Um, a little bit later in the show I'll touch a bit on biden's, um Speech the other day talking about any kind of new federal programs regarding infrastructure will have to be made Um with uh american materials essentially um Obviously again with cpi here, you know, this depresses, um bond prices because they went higher years All fixed income investments tend to lose value during this inflation. Um, so You know in the in the short term. I think we'll we'll see a little bit of issues, but um, We'll see if the the fed was right. Um, excuse me. We'll see if the other government was right in doing this I spoke on this a little bit the other day when I was filling in for tommy Um, but this trafagora fraud, uh continued to really Interest me. So if you're not familiar, uh, this is a swiss commodity trader. I think they're based out of singapore Um, but they're facing a 577 million dollar loss through systemic fraud regarding, uh, nickel trading Um, this nickel is widely used for batteries and trafagora has established themselves As a pretty big trader of this, uh, metal in the recent years of really all commodities But especially, uh, going into the the battery sector And they have just dominated with billions in revenue over the past few years So they found out that the shipments that they were purchasing did not contain nickel at all. Um The reason this is interesting and what got me thinking about this is I was reading some other frauds as well and big examples of people Laxing on due diligence and it's impressive too. And you consider that this due diligence Should have been completed and the fact that wasn't resulted in hundreds of millions of dollars of loss Capital guys, we will be right back. Stay tuned