Major financial news - statements by the heads of the Fed and the ECB, stock reports, bitcoin, gas, oil
Fed Chairman Powell -If high inflation continues, then the Fed will keep the current rate high. It’s good that there is no talk of raising the Fed rate yet.
Meta will shut down the Threads app in Turkey. Following the Turkish Anti-Monopoly Committee's (TCA) ban on automatic data sharing with Instagram.
The US government will give Samsung a $6.4 billion subsidy to build semiconductor factories in Texas, where the South Korean chipmaker already has a foothold.
Hybrids increase lead over electric vehicles in green car race - WSJ
Microsoft invests $1.5 billion in UAE AI company G42
The judge dismissed some of the charges against Zuckerberg in the case of Facebook harming children.
The decision was made as part of a large-scale lawsuit in which hundreds of lawsuits were filed against the company Meta, accusing the company and other social networks of making children addicted to their platforms.
Gas prices in Europe have jumped to their highest level since the beginning of this year.
The rise in price is caused by fears that a large-scale war will break out in the Middle East. -Bloomberg
Lagarde said the ECB is ready to cut rates soon if inflation slows. This is negative for the euro.
World Trade Organization chief: Trump's plan to raise tariffs on American imports will lead to the global trading system becoming a "free for all." Which will render existing rules useless and harm every economy.
Bank of America (BAC) shares fell 3.5% after the report. First-quarter profit fell 18% from a year earlier as a key source of revenue weakened, the latest example of how even the biggest banks are increasingly being hit by high interest rates.
Morgan Stanley (MS) shares rose 2% after the report. Profit rose in the first quarter as the Wall Street giant benefited from growth in its investment banking, trading and asset management businesses.
On Tuesday, LVMH reported first-quarter sales growth of 3%. That suggests growth is slowing as rising prices have prompted more shoppers eager to own her handbags and other luxury items to hold off on spending thousands of dollars.
Shares of Live Nation (LYV) fell about 8%. The Wall Street Journal reported that the Department of Justice (DOJ) is preparing to file an antitrust lawsuit against the company next month.
United Health (UNH) shares rose 5% after the report. The healthcare group beat quarterly profit estimates even as it said it expected to profit $1.6 billion from the February cyberattack.
Stocks in one sentence
BNY Mellon (BK) shares fell 2% after the report
Johnson & Johnson (JNJ) shares fell 2% after the report
Adidas raises earnings forecast for the fiscal year after a strong first quarter - shares fell 1%
UAL shares rise after report by 5%
JBHT shares fall by 6% after the report (a drop in shares of the transport company due to weakening demand - quarterly revenue fell by 9% y/y - an alarming signal for the economy)
IBKR shares fall by 0.5% after the report
In anticipation of the Bitcoin halving,
inflows into the Bitcoin ETF have exceeded $12.1 billion. The market value of Bitcoin is $1.3 trillion, and Ethereum has risen to $431 billion. And the influence on crypto markets is growing.
For miners: The halving will reduce the reward, significantly increasing the cost of mining Bitcoin. For mining giants like MARA and RIOT, this will be a turning point.
For Investors: Historically, halvings signal a bullish turn for Bitcoin as its supply declines as it approaches the 21 million Bitcoin limit.
The US stock market remained under pressure. But semiconductors and AI stocks have risen.
And as government bond yields rose, stocks that depended on interest rates fell.
Oil is not growing. Although the average price of gasoline in April is still much higher than in March. This is now the main inflationary irritant.