Traders on the floor of the NYSE, April 7, 2022.
Source: NYSE
1. U.S. futures show a Friday open higher, but a close at these levels won’t offset this week’s losses, as the Federal Reserve signaled that measures are needed more aggressive measures to combat inflation. Tech stocks have taken a hit from the accompanying rise in Treasury yields, sending the Nasdaq down more than 2.5% through the end of Thursday, on the verge of breaking a three-week streak. The S&P 500 is also tracking its first weekly loss in four weeks, down 1% Monday through Thursday. So far, the Dow Jones Industrial Average is down nearly 0.7% for the week, which would be its second straight weekly decline. Next week, banks will begin their first-quarter earnings season.
2. The 10-year Treasury note yield edged higher on Friday, topping the previous day’s 2.667% high since May 2019 and holding above the 2-year yield. They inverted last week for the first time since 2019. Another major Treasury yield spread – 5-year/30-year maturities – remained inverted on Friday after inverting last week for the first time since. since 2006. These reversals are important because they have happened before. economic depression.
US oil prices inched higher on Friday, but remained below $100 a barrel. West Texas Intermediate crude is down more than 3% so far this week following a roughly 13% drop last week as the United States announced its biggest-ever release from the Strategic Petroleum Reserve and member states of the International Energy Agency joined efforts to combat rising oil and gasoline prices. .
3. A Russian missile attack on a railway station in eastern Ukraine on Friday killed more than 30 people and injured more than 100 others. The station was packed with evacuees waiting to reach safer parts of the war-torn country. Ukraine’s leaders warn that fighting in the Donbas region, where Russia has been involved in military operations for many years, is expected to resemble battles in World War Two. Meanwhile, the Kremlin acknowledged that Russian forces, not expecting to face such stiff resistance, suffered “significant losses” during their gratuitous invasion of Ukraine.
4. Twitter plans to hold a Q&A session with Elon Musk, the social network’s largest shareholder and upcoming board member, according to The Washington Post, citing internal company messages. . Twitter CEO Parag Agrawal announced the town hall session in a company-wide email after a week of internal outrage that the Tesla and SpaceX CEO outspoken would damage the company’s culture and cause the company to fail. Their jobs became more difficult, the Post reported.
Musk, the world’s richest man, was speaking Thursday night at an event to open the electric carmaker’s new $1.1 billion power plant near Austin Airport in Texas. The executive said at the event that Tesla aims to produce 500,000 Model Ys in a single year in Austin, and that the company also hopes to begin production of the Cybertruck there next year. Two weeks ago, Musk opened a new Tesla factory in Germany.
5. Billionaire venture capitalist Peter Thiel said at a bitcoin conference on Thursday that Warren Buffett tops the “enemies list” of those trying to stop the world’s largest cryptocurrency. Thiel called the legendary investor “the sociopath grandpa from Omaha,” referring to the city of Nebraska where Buffett’s Berkshire Hathaway is headquartered. Thiel also joins JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink for being part of the “ethnic regime” that governs global finance. The Miami Exchange is Thiel’s latest and boldest public attack on people he sees as hindering the growth of bitcoin, which he invests heavily in.
– CNBC reporters Sarah Min, Natasha Turak, Lora Kolodny and Jennifer Elias as well as Reuters and the Associated Press contributed to this report.
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