Wall Street Today | Elon Musk says he would reverse Twitter's ban on Donald Trump

Moomoo Recap US wrote a column · May 10, 2022 19:30

Wall Street Today | Elon Musk says he would reverse Twitter's ban on Donald Trump

MACRO

· Fed Official Says Central Bank Must Contain Inflation

A Federal Reserve official said that the central bank is committed to bringing inflation down by reducing demand for goods and services and that it is possible to slow price growth without pushing the economy into a recession.
Read More >>

· Senate Advances Fed Nominee Lisa Cook to Final Confirmation Vote

Lawmakers voted 50-49 in favor of ending debate on the nomination of Lisa Cook, an economist and professor of international relations at Michigan State University. The vote could allow them to proceed later Tuesday to confirm her to the central bank's seven-member board of governors.

· Gas Prices Surge to Another High

The pain at the pump just got worse.

The average price for a gallon of regular unleaded gas in the U.S. reached $4.37 on Tuesday, a 47% increase from a year ago that marks a record high.
Read More >>

· 'Buy the Dip' Believers Are Tested by Market's Downward Slide

This year's stock market volatility has turbocharged a favorite strategy among individual investors: buying the dip. The dramatic plunge in major indexes will test their resolve.

On Thursday, when the stock market had one of its worst days of the year, individuals rushed in, setting a one-day buying record. In March, they invested the largest ever monthly sum, according to Vanda Research data beginning in 2014, and continued to pour money into the markets in April.

SECTORS

· Tech Industry Warns That More Remote-work Jobs Are Headed out of U.S

Tech-industry representatives are coming to Capitol Hill this week to warn that the remote-work trend will lead to more offshoring of software developers and other technology jobs unless the U.S. admits more high-skilled immigrants.
Read More >>

· Some Covid-19 Patients Relapse After Taking Paxlovid, Puzzling Doctors

U.S. health authorities and researchers are investigating why some people who appeared to recover from Covid-19 after taking $Pfizer(PFE.US)$'s antiviral pill developed symptoms again soon after.

Paxlovid is supposed to treat the newly infected, keeping them out of the hospital. Within two weeks of appearing to get better, however, some users experienced cold-like symptoms such as sore throat and cough, according to physicians and published case reports.

COMPANIES

· Elon Musk Says He Would Reverse Twitter's Ban on Donald Trump

Elon Musk said he would reverse $Twitter (Delisted)(TWTR.US)$'s ban on former President Donald Trump.

"I do think that it was not correct to ban Donald Trump. I think that was a mistake because it alienated a large part of the country, and did not ultimately result in Donald Trump not having a voice," said Mr. Musk, who was speaking virtually at the Financial Times Future of the Car summit.

· Pfizer to Buy Rest of Biohaven for $11.6 Billion

$Pfizer(PFE.US)$ agreed to buy the rest of $Biohaven Pharmaceutical(BHVN.US)$ for about $11.6 billion, deploying its pile of cash earned from Covid-19 sales to acquire a new migraine drug.

Pfizer said it would pay $148.50 a share in cash for the Biohaven shares that it doesn't already own, a nearly 79% premium to Monday's closing price of $83.14 for the New Haven, Conn., drugmaker.

Source: Bloomberg, WSJ, CNBC

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more