Morning After the Sell-off: Stocks Rebounding Despite Hotter-Than-Expected Wholesale Inflation - Time to Buy Beaten-Down Tech? Also: Hiring and Wage News from Amazon and McDonald's, Musk Tweet Sends Bitcoin Back Below $50K, Colonial Pipeline Restarts After Hack, and what Softbank's Masa Son Told CNBC.
b'The morning after a sell-off fueled by inflation fears -- resulting in the worst day for stocks since winter -- Carl Quintanilla, Jim Cramer and David Faber explored the rebound in stocks after three days of selling. The jump coming despite newly-released wholesale inflation data showing the Producer Price Index for April up 0.6% overall from the prior month -- twice as high as expected. Big tech names such as the FAANG stocks bouncing back - how should you play them now? The anchors reacted to what Softbank CEO Masa Son told CNBC about his outlook for tech -- he said fundamentals are strong and companies are still growing. As for the labor market: Carl, Jim and David highlighted news from two big companies: Amazon announced it is hiring 75,000 employees across fulfillment and transportation, with average starting pay of over $17 per hour and sign-on bonuses of up to $1,000, while McDonald\'s says it is raising hourly wages at company-owned locations as it looks to bring on 10,000 workers over the next three months at just over 650 stores. This comes as government data show weekly jobless claims fell to a pandemic-low 473,000. The anchors also discussed Bitcoin sliding back below $50,000 after Elon Musk tweeted that Tesla has stopped accepting the cryptocurrency for vehicle purchases, citing concerns about "rapidly increasing use of fossil fuels for bitcoin mining." Also in focus: Colonial Pipeline\'s post-hack restart and how soon the gasoline shortage might end, Alibaba shares falling despite a surge in e-commerce revenue, and what to expect from retail sales data due out Friday.'