Stocks, Oil Drop, Investors Reflect on Elon Musk’s New Twitter Move
The banks smell of love
| Symbol | Price | Switch | %Switch |
|---|---|---|---|
| JPM | $133.49 | +2.40 | +1.83% |
| VS | $50.88 | +0.85 | +1.70% |
| GS | $321.39 | +7.24 | +2.30% |
| BAC | $39.67 | +0.28 | +0.71% |
| WFC | $48.73 | +0.99 | +2.07% |
Banks rebound ahead of earnings and as 10-year Treasury hits 2.8%
Developing story
Twitter shares are surging – Here’s why…
Elon Musk has declined to join Twitter’s board, but he’s likely to be anything but a passive investor according to an amended filing with the Securities and Exchange Commission.
The filing excerpts note that Elon Musk aka “Reporting Person” may do the following “from time to time”…
The Reporting Person may, from time to time, acquire additional Common Shares and/or retain and/or sell all or a portion of the Common Shares held by the Reporting Person on the open market or in privately negotiated transactions, and/or may distribute the common stock held by the reporting person to other entities.
From time to time, the Reporting Person may engage in discussions with the Board and/or members of the Issuer’s management team regarding, among other things, potential business combinations and strategic alternatives, the business, operations, capital structure, governance, management, strategy of the Issuer and other matters relating to the Issuer.
The Reporting Person may express its views to the Board and/or members of the Issuer’s management team and/or to the public through social media or other channels regarding the activities, products and Issuer’s service offerings.
ICYMI:
Developing story
Twitter shares slide as investors ponder Musk
| Symbol | Price | Switch | %Switch |
|---|---|---|---|
| TWTR | $46.24 | -1.79 | -3.73% |
After all, Elon Musk won’t be joining Twitter’s board and investors aren’t sure what to make of the move…
Developing story
Bitcoin slides to $41 level
Bitcoin led cryptocurrencies broadly lower after stocks fell at the start of the trading week…
Futures contracts at a glance
U.S. stock futures are lower on Monday as the first-quarter corporate earnings season kicks off and investors await economic data.
This week’s reports are JPMorgan Chase and BlackRock on Wednesday, with Citigroup, Wells Fargo, Morgan Stanley, Goldman Sachs and a few others on Thursday.
The cryptocurrency tends to decline at the beginning of the week; state lawmakers are working on crypto-friendly laws
Bitcoin joined many of the major cryptocurrencies in decline early Monday morning as U.S. crypto executives and lobbyists — in the absence of federal regulation — work with state lawmakers across the country to craft favorable legislation, according to a report published on Monday.
Bitcoin was trading at around $42,305 (-0.72%), while Ethereum and Dogecoin were trading at $3,175 (-2.10%) and 14.58 cents, respectively, according to CoinDesk.
Many states are eager to attract the jobs they think the industry will bring and are racing to accommodate the legislative wishes of crypto companies, according to the report.
US stocks are choppy as the trading day approaches
| Symbol | Price | Switch | %Switch |
|---|---|---|---|
| Me: DJI | $34,721.12 | +137.55 | +0.40% |
| SP500 | $4,488.28 | -11.93 | -0.27% |
| I: COMP | $13,711.00 | -186.30 | -1.34% |
US stocks were choppy early Monday morning, trading between negative and positive territory as the first-quarter earnings season unofficially kicks off this week with several major banks reporting.
This week’s reports are JPMorgan Chase and BlackRock on Wednesday, with Citigroup, Wells Fargo, Morgan Stanley, Goldman Sachs and a few others on Thursday.
Wall Street’s benchmark, the S&P 500, fell 0.3% on Friday after Fed officials said in notes from their last meeting that they were considering raising its benchmark rate by twice as much. normal amount at future meetings.
They also indicated that they would likely reduce Fed bond holdings, which could also push up commercial borrowing rates.
Gasoline prices down slightly nationwide on Monday
The average price of a gallon of gasoline in the United States slipped to $4.114 on Monday, according to the latest figures from AAA.
The price on Saturday was $4,116.
The previous high was $4.33, set on Friday, March 11, 2022.
JetBlue and Alaska Airlines cut schedules as airlines attempt milder summer
Airlines are adding staff and cutting flights to avoid disruption as customer demand and labor shortages persist. during the weekend.
Last week, Alaska Air Group Inc. announced it would cut spring flights to catch up on pilot training. Meanwhile, other carriers, including American Airlines Group Inc., say they are ready for the summer surge after a months-long wave of hiring.
Carriers say they are taking lessons from last summer seriously, when operations were strained due to booming demand.
With reduced staff numbers, many airlines have been unable to recover quickly from what should have been routine disruptions such as bad weather. Travelers have faced cancellations, delays and hours of waiting for customer service help by phone.
Oil was lower at the start of Asian trading on the possibility that COVID-19 lockdowns in China will reduce demand.
Crude oil prices could drop another 3% to 5% if there doesn’t seem to be an end in sight for the pandemic lockdowns in China, said Edward Moya, senior market analyst at Oanda.
WTI crude should find decent support at the mid-$90 a barrel level, but continued US dollar strength could keep commodities vulnerable to further falls, Oanda reported.
Russia threatens legal action if forced to default on sovereign debt
Russia will take legal action if the West tries to force it to default on its sovereign debt, Finance Minister Anton Siluanov told the pro-Kremlin newspaper Izvestia on Monday, sharpening Moscow’s tone in its financial struggle with the government. ‘West.
“Of course we will continue, because we have taken all necessary measures to ensure that investors receive their payments,” Siluanov told the newspaper in an interview.
“We will present to the court our invoices confirming our efforts to pay both in foreign currency and in rubles. It will not be an easy process. We will have to prove our case very actively, despite all the difficulties.”
Gold prices up at the start of Asian trading on Monday
| Symbol | Price | Switch | %Switch |
|---|---|---|---|
| GL | $7.04 | -0.17 | -2.36% |
Gold was up early Monday morning in Asia, trading at $1,948.73 an ounce.
On Friday, gold futures advanced for the session and posted a weekly gain as traders brushed off generally negative factors such as rising Treasury yields and a stronger US dollar.
Gold futures for June delivery rose 0.4% to close at $1,945.60 an ounce on the Comex, leaving it up 1.1% for the week.
World Bank: war to reduce Ukraine’s GDP by more than 45%
Ukraine’s economic output is likely to contract by 45.1% this year as the Russian invasion shuttered businesses, reduced exports and made economic activity impossible in large swaths of the country, the Bank said on Sunday. world.
The World Bank also predicts that Russia’s GDP output in 2022 will fall by 11.2% due to punitive financial sanctions imposed by the United States and its Western allies on Russian banks, state-owned enterprises and other institutions. .
The World Bank’s “War in the Region” economic update says the Eastern Europe region, comprising Ukraine, Belarus and Moldova, is expected to post a GDP contraction of 30.7 % this year, due to war shocks and trade disruption.