Wall Street Today | Goldman is pulling out of most SPACs over threat of liability

On alert for bad news with prices in free fall, equity investors have started to view a lot of normally obscure data as evidence the Federal Reserve is wrong when it says the economy is strong.

Among them are mentions of "weak demand" this earnings season, which rose to the highest since the second quarter of 2020, according to Bank of America. Another report showed traffic to stores flagging. Earnings may be up, but analysts are cutting 2022 profit estimates. A few consumer-oriented companies have warned of delayed orders or behavior usually seen in downturns.

It is natural for people to want more for their savings as rates rise. The question is how willing banks are to give it to them.

West Texas Intermediate futures fell below $103 a barrel in early Asian trading after sliding around 6% on Monday. The bloc will scrap a proposed ban on EU-owned vessels transporting Russian crude following objections from members including Greece. Concerns about economic growth that roiled equities also added to bearish sentiment for commodities.

The Wall Street giant, the second-biggest underwriter of special purpose acquisition companies last year, has been telling sponsors of the vehicles it will be ending its involvement, according to people with knowledge of the matter. The bank is also electing to pause new U.S. SPAC issuance for now, one of the people said.

The moves would boost the roughly year-old Affordable Connectivity Program, which hasn't reached all its eligible subscribers in part because many of the neediest users aren't online in the first place. Other consumers aren't aware that more than a third of the country is eligible for the $30-a-month discount. Additional sign-ups would be a boon for providers, analysts say.

Match Group sued Google on Monday, alleging the search giant broke antitrust laws with billing rules for the Android app store, the latest salvo in a global brawl involving the mobile-app industry.