Wall Street Today | Elon Musk Says He Has Found New Twitter CEO
MACRO
US Economy Cools With Easing Inflation, Higher Jobless Claims
Applications for unemployment benefits climbed to a more than one-year high and wholesale inflation continued to moderate, adding to signs of softening in the economy.
The producer price index for final demand increased 2.3% in April from a year ago, the slowest pace since early 2021. Government data Thursday also showed initial jobless claims last week rose to the highest since October 2021.
Biden's Debt Ceiling Meeting With McCarthy Pushed to Next Week
President Joe Biden and House Speaker Kevin McCarthy postponed their meeting on the debt ceiling set for Friday as their aides continue negotiations toward avoiding a catastrophic US default.
Fed's Kashkari Says Tight Monetary Policy May Be Needed for 'Extended' Time
An extended period of high interest rates and an inverted yield curve could put more stress on banks, but would be necessary if inflation stays stubbornly high, Minneapolis Federal Reserve President Neel Kashkari said on Thursday.
SECTORS
Jamie Dimon Says US Needs to 'Finish' the Bank Crisis
Jamie Dimon said it's time for regulators to help put an end to turmoil in the banking industry, but he's already predicting policymakers will take away the wrong lessons from this year's upheaval.
"I think it's going to get worse for banks — more regulations, more rules and more requirements," JPMorgan's chief executive officer said Thursday.
COMPANY
Elon Musk Says He Has Found New Twitter CEO
Elon Musk said on Thursday he has found a new chief executive for Twitter, but did not name the person, while the Wall Street Journal reported that $Comcast (CMCSA.US)$ NBCUniversal executive Linda Yaccarino was in talks for the job.
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Meta Unveils A.I. 'Testing Playground' to Help Advertisers Build Campaigns
$Meta Platforms (META.US)$ on Thursday announced several new tools and services, powered by artificial intelligence, to help advertisers efficiently build ads and improve campaign results.
PacWest Stock Sinks 22% After Disclosing Fresh Deposit Outflow
Shares of $PacWest Bancorp (PACW.US)$ fell 22.7% Thursday, dragging down other midsize banks, after PacWest disclosed another round of deposit flight.
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Source: Bloomberg, Dow Jones, CNBC
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