Market Selloff Accelerates to Start the Week, Rivian Plunges as Lockup Expires, Uber CEO Memo on Company Plans 5/9/22

Carl Quintanilla & Jim Cramer discuss the market selloff intensifying to start the week. The S&P 500 tumbling to a new low for the year. Minneapolis Fed President Neel Kashkari’s commenting on inflation, saying he’s confident it will come back to the central bank’s 2% target, but not without some pain. David Faber breaking news that Ford is selling 8 million of its 102 million share stake in Rivian, according to his sources. Shares of the EV maker getting hammered on the news. The moves comes as the insider lockup period for selling the stock expires. Uber moving lower after CNBC obtained a staff email saying the company plans to slash spending on marketing, incentives and will be deliberate when adding workers. Uber CEO Dara Khosrowshahi saying, “After earnings, I spent several days meeting investors in New York and Boston… It’s clear that the market is experiencing a seismic shift and we need to react accordingly.” Plus, Carl and Jim breakdown the other big movers of the morning including Coty, Palantir and Tyson Foods. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.