Wall Street Today | Elon Musk to join Twitter's board of directors after becoming largest shareholder
Stocks, bonds pressured by hawkish Fed comments
Stocks and bonds face pressure in Asia on Wednesday as investors digest the prospect of a swift reduction in the Federal Reserve's debt holdings, part of stepped up monetary tightening to fight high inflation.
Equity futures for Japan and Australia pointed lower after technology stocks led a drop in U.S. shares. U.S. contracts were little changed in early trading. Markets in Hong Kong and China will reopen after a holiday.
Brainard says Fed to shrink balance sheet rapidly as soon as May
Federal Reserve Governor Lael Brainard called the task of reducing inflation pressures "paramount" and said the central bank will raise interest rates steadily while starting balance sheet reduction as soon as next month.
The Federal Open Market Committee "will continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting," Brainard said Tuesday in a virtual speech to the Minneapolis Fed. Policy makers next meet May 3-4.
Oil falls as dollar surge offsets plan for new Russia sanctions
Oil ended a volatile session lower as a stronger U.S. dollar offset a potentially bullish impact from plans by the U.S., European Union and Group of Seven nations to install new round of sanctions on Russia.
U.S. trade deficit narrowed slightly in February
The U.S. trade deficit narrowed slightly in February, shrinking 0.1% for the month but remaining close to a record. Both exports and imports climbed as the impending conflict in Ukraine pushed up commodity prices.
U.S. wants more oil from Canada but not a new pipeline to bring it
Biden administration officials are seeking ways to boost oil imports from Canada, people familiar with the situation say, but with one big caveat—they don't want to resurrect the Keystone XL pipeline that President Biden effectively killed on his first day in office.
The people said deliberations are in early stages and that no clear-cut solutions have emerged.
Elon Musk to join Twitter's board of directors after becoming largest shareholder
$Twitter (Delisted)(TWTR.US$ said it would appoint $Tesla(TSLA.US$ Chief Executive Elon Musk to its board, bringing the billionaire social-media agitator inside the fold.
The announcement Tuesday came after a flurry of calls in recent weeks between Mr. Musk, Twitter Chief Executive Parag Agrawal, and independent board Chairman Bret Taylor, as company officials learned that Mr. Musk was amassing a 9.2% stake in the platform, a person familiar with the matter said. The discussions culminated, according to the person, in the company offering a board seat to Mr. Musk.
Credit Suisse found former investment-bank chief violated code of conduct
When $Credit Suisse(CS.US$ lost more than $5 billion a year ago in the Archegos Capital Management meltdown, investment bank head Brian Chin was among those forced out with docked pay.
What wasn't publicly known then is that the bank was investigating him and the securitized-products group he once ran, including for alleged mistreatment of women, according to people familiar with the matter.
Amazon signs massive rocket deal with 3 firms, including Bezos' Blue Origin, to launch internet satellites
$Amazon(AMZN.US$ on Tuesday announced what it says is the biggest rocket deal in the commercial space industry's history, signing on with three companies for up to 83 launches of its Project Kuiper internet satellites.
The technology giant signed contracts for 38 launches with United Launch Alliance (ULA) – a joint venture of $Boeing(BA.US$ and $Lockheed Martin(LMT.US$; 18 launches with European company Arianespace; and 12 launches with Blue Origin, with an option for as many as 15 additional launches with the private venture that's owned by Amazon founder Jeff Bezos.
Source: Bloomberg, CNBC, WSJ
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TechInvstr07 : So with Elon trying to convince Twitter to accept DogeCoin and him now purchasing 9.2% and joining the Board of Directors, as the largest shareholder, how long until Twitter accepts Doge and causes a surge in DogeCoin’s price?
STD0313 TechInvstr07 : never
KingNY-Life TechInvstr07 : I believe that the dog coin will soar.
72796066 : I need some money
72796066 : Big money