1. Futures contracts lose steam as the yield on the 10-year bond reaches a three-year high
Traders on the NYSE floor, April 7, 2022. Source: NYSE Wall Street was scheduled for a mixed open Friday. US stock futures lost steam as the 10-year bond yield fell to a three-year high after the Federal Reserve signaled earlier in the week that more aggressive measures were needed to fight inflation. Technology shares took the brunt of the accompanying rise in government yields, with the Nasdaq falling more than 2.5% by the close of Thursday, breaking a three-week profit streak. The S&P 500 also watched its first weekly loss in four weeks, down 1% from Monday to Thursday. The Dow Jones Industrial Average fell almost 0.7% for the week so far, which would be its second consecutive weekly loss. Next week, banks begin the last quarterly profit season.
2. Bond yields continue to rally against the Fed. oil is heading for weekly losses
The yield of the 10-year bond was higher on Friday, exceeding the high of 2.667% of the previous day in March 2019 and maintaining the highest yield of 2 years. They reversed last week for the first time since 2019. Another key government performance gap – the 5-year and 30-year – remained on either side of reversed Friday after last week’s reversal for the first time since 2006. The reversals are significant because they historically occurred before the recession. US oil prices rose on Friday, but remained below $ 100 a barrel. West Texas Intermediate crude fell more than 3% so far this week after falling about 13% last week as the US announced its biggest release ever from the Strategic Petroleum Reserve and International Energy Agency member states joined the effort. to fight rising oil and gasoline prices.
3. Russian rocket attack on Ukrainian railway station kills more than 30 people
Ukrainian police inspect the wreckage of a large rocket with the words “for our children” in Russian next to the main building of a train station in Kramatorsk, in eastern Ukraine, used to evacuate civilians, which was hit by a rocket attack that killed at least 35 people , on April 8, 2022. Fadel Senna | AFP | Getty Images A Russian rocket attack on a train station in eastern Ukraine on Friday killed more than 30 people and injured more than 100 others. The station was full of displaced people waiting to travel to safer places in the war-torn country. Ukrainian leaders have warned that fighting in the Donbas region, where Russia has been involved in military operations for years, is expected to resemble that of World War II. The Kremlin, meanwhile, has admitted that Russian forces, who did not expect to face such fierce resistance, have suffered “significant losses” in their unprovoked invasion of Ukraine.
4. Twitter plans Elon Musk Q&A as Tesla CEO opens new car plant in Texas
Twitter plans to host a Q&A meeting with Elon Musk, the social network’s largest shareholder and new board member, according to the Washington Post, citing internal company messages. Twitter CEO Parag Agrawal announced the town hall meeting in an email across the company after a week of internal outrage that the honest CEO of Tesla and SpaceX would hurt the company’s culture and make their jobs more difficult, the Post reported. Tesla Motors CEO Elon Musk speaks at the Tesla Giga Texas inaugural party to build the “Cyber Rodeo” on April 7, 2022 in Austin, Texas. Suzanne Cordeiro | AFP | Getty Images Musk, the richest man in the world, spoke Thursday night at a grand opening for the new $ 1.1 billion electric car plant near Austin Airport in Texas. The CEO said at the event that Tesla aims to build 500,000 Model Y units in one year in Austin and the company also hopes to start production of its Cybertruck there next year. Two weeks ago, Musk opened a new Tesla plant in Germany.
5. Peter Thiel calls Warren Buffett a “sociopathic grandfather from Omaha”
Peter Thiel, co-founder of PayPal, Palantir Technologies and Founders Fund, gestures as he speaks during the Bitcoin 2022 Conference at the Miami Beach Convention Center on April 7, 2022 in Miami, Florida. Marco Bello | Getty Images Billionaire venture capitalist Peter Thiel told a bitcoin conference on Thursday that Warren Buffett was at the top of a “list of enemies” of people trying to stop the world’s largest cryptocurrency. Thiel called the legendary investor a “sociable grandfather from Omaha”, referring to the city of Nebraska where Buffett’s Berkshire Hathaway is based. Thiel also incorporated JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink as part of the “eldership” that manages global finances. The Miami Tirade is Thiel’s latest and most daring public attack on people he sees as hindering the progress of bitcoin, in which he has invested heavily. CNBC reporters Sarah Min, Natasha Turak, Lora Kolodny and Jennifer Elias, as well as Reuters and the Associated Press, contributed to this report. – Join the CNBC Investing Club now to follow every Jim Cramer stock move. Follow the broader market action as a professional on CNBC Pro.
