Here are the most important news, trends and analyzes that investors need to start their trading day:
1. Stock futures lose steam as 10-year Treasury yields hit a three-year high
Traders on the floor of the NYSE, April 7, 2022.
Wall Street was set for a mixed open Friday. U.S. stock futures lost steam as 10-year Treasury yields pushed to a three-year high while the Federal Reserve signaled more aggressive measures to fight inflation earlier in the week. Tech stocks were impacted by a concomitant rise in Treasury yields, sending Nasdaq down more than 2.5% as Thursday closed at a pace to break the three-week winning streak. The S&P 500 is also tracking for its first weekly loss in four weeks, down 1% from Monday to Thursday. The Dow Jones Industrial Average is down about 0.7% for the week so far, which would be its second consecutive weekly loss. Next week, banks will begin the latest quarterly earnings season.
2. Bond yields continue Fed-driven rally; Oil is heading for a weekly loss
The 10-year Treasury yield ticked higher on Friday, peaking at 2.667% higher than the previous day in March 2019 and holding higher than the 2-year yield. They reversed last week for the first time since 2019. Another key Treasury yield spread – 5-year / 30-year – was on both sides of Inverted Fried after flipping last week for the first time since 2006. The reversals are significant because they have historically occurred before the economic downturn.
US oil prices rose on Friday, but remained below 100 100 a barrel. West Texas Intermediate crude has fallen more than 3% so far this week after falling nearly 13% last week as the United States announces the largest ever release from its strategic petroleum reserves and members of the International Atomic Energy Agency join forces to fight rising oil and gasoline prices. . .
3. A Russian rocket attack on a train station in Ukraine has killed more than 30 people
A Russian rocket attack on a railway station in eastern Ukraine on Friday killed at least 30 people and injured more than 100 others. The station was packed with people waiting to travel to safer parts of the war-torn country. Ukrainian leaders have warned that fighting in the Donbass region, where Russia has been engaged in military operations for years, is expected to be similar to that of World War II. The Kremlin, meanwhile, acknowledged that Russian forces, who did not expect such harsh resistance, had suffered “significant losses” in the unprovoked aggression in Ukraine.
4. Tesla CEO opens new Texas auto plant Twitter plans Elon Musk’s Q&A
Twitter plans to host a question-and-answer session with Elon Musk, the social network’s largest shareholder and incoming board member, according to The Washington Post, citing insider company messages. Twitter CEO Parag Agarwal announced the town hall session in a company-wide email after a week of internal resentment that the outspoken Tesla and SpaceX CEOs would hurt the company’s culture and make their work more difficult, the Post reported.
The world’s richest man, Musk, spoke at a grand opening Thursday night for the new অ 1.1 billion new electric automaker factory near Austin Airport in Texas. The CEO said at the event that Tesla aims to build 500,000 units of the Model Y in Austin a year and the company hopes to start production of its cybertruck there next year. Two weeks ago, Musk opened a new Tesla factory in Germany.
5. Peter Thiel calls Warren Buffett ‘Sociopathic Grandfather from Omaha’
Billionaire venture capitalist Peter Thiel told a bitcoin conference on Thursday that Warren Buffett was at the top of the “list of enemies” of people trying to shut down the world’s largest cryptocurrency. Thiel calls the legendary investor the “socio-economic grandfather from Omaha,” referring to the city of Nebraska where Buffett’s Berkshire Hathaway is headquartered. Thiel has snatched Jamie Dimon, CEO of JPMorgan, and Larry Fink, CEO of Blackrock, as part of a “gerontocracy” that manages global money. Miami Tirad is Thiel’s latest and boldest public attack, which he sees as a way to advance Bitcoin, in which he has invested heavily.
– CNBC reporters Sarah Min, Natasha Turak, Laura Kolodney And Jennifer Elias Reuters and the Associated Press also contributed to this report.
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