Sam Boughedda

Investing.com – Stocks waffled on Thursday led by a drop in technology shares after a surge in consumer prices for February showed inflation is running the hottest in 40 years.

The Labor Department reported that consumer prices rose 7.9% over the year last. The Federal Reserve meets next week and is widely expected – mostly because the central bank has telegraphed it so – to begin a series of interest rate hikes to calm inflation.

The big wild card of course is Russia’s war against Ukraine, which broke out at the end of February and hasn’t been factored into the economic data so far. Oil and other commodities have been affected by the war.

According to Reuters reports, food prices increased 1.0% while home cooking costs soared 1.4%. The report stated that prices of fruit and vegetables have increased the most in March 2010 while dairy prices and similar products have risen nearly 11 years.

AAA stated that the average gas price in the United States is $4.318/gallon. That’s up from $3.469 a monthly ago.

Goldman Sachs (NYSE:) became the first Wall Street bank to quit operations in Russia, following a bunch of other American companies including McDonald’s Corporation (NYSE:) and Coca-Cola Co (NYSE:). 

These are the three factors that will impact markets tomorrow.

1. Peloton rentals

Peloton Interactive Inc (NASDAQ) Peloton is currently testing new pricing plans. Customers pay a monthly cost that includes a stationary exercise bike, as well as a monthly subscription to its training courses. Peloton will return the exercise bike to customers who cancel.

On Friday, Texas and Florida stores will start bundling monthly subscriptions of $60 to $100. This is the latest attempt by the CEO to make a turnaround following pressure from activist shareholders to sell Peloton.

2. Netflix Plans

Netflix Inc (NASDAQ:) won’t start an ad-supported subscription tier despite plans by rival Disney+ to do so, the streaming giant’s CFO said at a conference. 

Netflix has increased prices in Ireland and the U.K. for the second consecutive time in 18 months. The company is set to raise the price of its most popular subscription plan, which allows customers to watch on two screens at once, to £10.99 per month in the U.K. Netflix’s premium plan will rise to £15.99 per month while the entry-level plan will move to £6.99.

3. Prices rising

Last month’s inflation rose 7.9% year-over year, while Americans pay more for fuel, food, rent and mortgage. Inflation is poised to accelerate this month after the effect of Russia’s war on Ukraine on oil and gasoline prices work their way into the data.

–Reuters and Investing.com staff contributed to this report