Wall Street Today | Airlines cancel thousands of weekend flights due to Florida storms

Moomoo Recap US wrote a column · Apr 3, 2022 20:29

Wall Street Today | Airlines cancel thousands of weekend flights due to Florida storms

U.S. futures dip, treasury curve inversions deepen

U.S. equity futures and Treasuries declined Monday, while Asian shares were mixed, as traders weighed the prospect of aggressive Federal Reserve interest-rate hikes and stiffer sanctions on Russia.

Shares fluctuated in Japan, Australia and South Korea. Equity futures earlier rose for Hong Kong, where Chinese technology shares could get a tailwind.

Tesla crypto tokens rise as gigafactory shutdown discounted

$Tesla(TSLA.US)$investors are signaling confidence that the automaker can power through disruptions such as the continued shutdown of its factory, at least based on crypto-token trading that suggests its shares will rise Monday.

Fed seeking to find where 'phantom menace' neutral rate sits

Federal Reserve Chair Jerome Powell and his colleagues are on the march to return ultra-loose monetary policy and accommodative financial conditions to more normal levels. The trouble is, their destination is uncertain and the terrain may be shifting as they forge forward with higher interest rates.

Policy makers differ on what the neutral rate -- the rate that neither restricts nor spurs economic growth -- is and couch it in terms that don't take account of the current high inflation environment. And they're unsure what effect their removal of monetary largess will have on fickle financial markets and an economy that have grown accustomed to ultra-low rates.

Airlines cancel thousands of weekend flights due to Florida storms

Airlines have canceled more than 3,300 U.S. flights this weekend and delayed thousands more, citing weather in Florida and other issues.

FlightAware, a website that tracks flights, noted major disruptions at several Florida airports, including Miami, Ft. Lauderdale and Orlando, as well as Baltimore and other airports around the country. $JetBlue Airways(JBLU.US)$, $Southwest Airlines(LUV.US)$, $Alaska Air(ALK.US)$, Frontier, Spirit and $American Airlines(AAL.US)$ were most affected, according to FlightAware. Local news reported storms in Florida on Saturday. Several airlines said Sunday that operations are returning to normal.

DC attorney general says fighting big tech is like David versus Goliath

District of Columbia Attorney General Karl Racine reflected on being the David to Big Tech's Goliath during his last year in office in an interview with CNBC.

Racine has taken on competition complaints against $Amazon(AMZN.US)$, $Meta Platforms(FB.US)$ and $Alphabet-C(GOOG.US)$ and consumer protection claims against gig economy companies like DoorDash and Grubhub.

Recently, his office has seen several setbacks in court cases it filed against Big Tech, but Racine said he remains confident.

Biotech stocks, once booming, enter bear territory

Biotech companies are having one of their worst stock-market runs in years, as rising interest rates, scientific setbacks and a slowdown in big pharma buyouts batter the sector.

Biotech stocks began soaring in the spring of 2020 as individual investors and hedge funds flocked to the sector amid intense attention on the race to develop new vaccines. The uptick in demand for biotech stocks helped fuel a historic boom in initial public offerings and venture-capital investment into 2021.

US probes Activision Blizzard CEO's brunch meeting with trader before Microsoft deal

US officials are probing a meeting between the chief executive of $Activision Blizzard(ATVI.US)$ and a person who days later traded on behalf of media tycoon Barry Diller and music mogul David Geffen, as authorities examine whether there were any insider dealings in the gaming company, according to people familiar with the matter.

The inquiry is focusing on a brunch that Alexander von Furstenberg — the son of Diller's wife, fashion designer Diane von Furstenberg — had with Activision's CEO Bobby Kotick days before buying options in the group that later agreed to be acquired by $Microsoft(MSFT.US)$ in a blockbuster $75bn deal.

Great resignation isn't slowing and may persist, Randstad says

The Great Resignation shows no sign of easing and a dwindling supply of workers may be here to stay, according to Randstad NV, a global provider of employment services.

Fewer people in the job market, underpinned by a long-term demographic trend, is allowing talented workers to have more options and they're going where their needs are met, said Sander, who took over as chief executive officer of the Dutch company on Tuesday.

Source: Bloomberg, CNBC

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