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        Wall Street Today | Shopify shareholders approve 10-for-1 stock split

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        Moomoo Recap US wrote a column · 06/08/2022 08:37
        Wall Street Today | Shopify shareholders approve 10-for-1 stock split
        MACRO
        Market Optimists Make the Case That 2022 Will End on High Note
        As corporate leaders increase their pronouncements about the future, there are still market economists who see stocks in the second half of this year and who say the US could sidestep a recession.
        Longtime bull Neil Dutta, head of economics at Renaissance Macro Research, pointed to factors that are still returning to normal after the pandemic, including labor participation rates and demand for durable goods, which drove prices higher. As life continues to settle down, he said, the Fed may find it easier to battle inflation.
        Janet Yellen Warns Inflation Is Likely to Stay High
        Yellen, in a Senate Finance Committee hearing Tuesday, continued to defend President Joe Biden's $1.9 trillion American Rescue Plan, which Republicans have blamed for helping drive inflation to a four-decade high. "Senator, we're seeing high inflation in almost all developed countries around the world, and they have very different fiscal policies,"Yellen said. "It can't be the case that the bulk of the inflation we're experiencing reflects the impact of the ARP."
        US Consumer Credit Surges Again as Loans, Card Spending Jump
        US consumer borrowing surged again in April, following a record jump a month earlier, fueled by rising prices and the continued strength of American consumers.
        Total credit increased $38.1 billion from the prior month after a downwardly revised $47.3 billion gain in March, Federal Reserve figures showed Tuesday. The median forecast in a Bloomberg survey of economists called for a $35 billion advance. The figures aren't adjusted for inflation. On an annualized basis, borrowing climbed 10.1%.
        SECTORS
        Funding Squeeze at Buy-Now-Pay-Later Pioneer Affirm Flashes Warning Sign for Industry
        Securitization packages of buy-now-pay-later loans from one provider, $Affirm Holdings(AFRM.US)$, are falling in price for investors to buy while becoming more expensive to issue, after rising rates and a cost of living crisis cast a shadow over the sector. It was valued at $47 billion in September after a blockbuster listing on Nasdaq in January 2021, but its shares have fallen over 80% this year.
        The US Is Now Sending the Bulk of Its Export Gas to Europe
        The US sent nearly three quarters of all its liquefied natural gas to Europe in the first four months of 2022, with daily shipments to the region more than tripling from last year's average, the US Energy Information Administration said Tuesday. Last year, the bloc was the destination for only a third of American supplies. The increase means the US now accounts for nearly half of Europe's LNG imports, about twice the share seen in 2021.
        COMPANIES
        Novavax Covid Vaccine Clears Key Step on Path to FDA Authorization After Committee Endorses the Shot
        $Novavax(NVAX.US)$'s two-dose Covid-19 vaccine for adults ages 18 and older cleared a key step on the path toward FDA on Tuesday. The agency could clear the vaccine for distribution in the U.S. as soon as this week. It would be the fourth Covid vaccine authorized for use in the U.S. and the first new one since the $Johnson & Johnson(JNJ.US)$ vaccine was cleared in February 2021.
        Elon Musk Says an IPO of Spacex's Starlink Satellite Internet Business is Still 3 or 4 Years Away
        "I'm not sure exactly when that [IPO] is, but maybe it will be like — I don't know, just guessing — 3 or 4 years from now," Musk said at an all-hands meeting of the private company's employees on Thursday, according to an audio recording obtained by CNBC.
        Musk emphasized, as he has previously, that the Starlink business needs to be "in a smooth sailing situation" with "good predictability." At that point, "I think spinning it off as a public company can make a lot of sense," the SpaceX CEO said.
        Shopify Shareholders Approve 10-For-1 Stock Split and Plan to Keep CEO Firmly in Control
        $Shopify(SHOP.US)$shareholders on Tuesday approved a 10-for-1 split, along with the issuance of a new "founder share" that cements CEO Tobi Lütke's control of the Ottawa-based e-commerce software company. Shareholders of record on June 22 will receive nine additional class A or B shares after the close of trading on June 28 for each current share held.
        IBM Winding Down Russian Operation, Laying Off Employees
        $IBM Corp(IBM.US)$ is winding down its business in Russia and has started to lay off its employees in the country, according to a memo to staff sent last week and emailed to Reuters on Tuesday.
        "As the consequences of the war continue to mount and uncertainty about its long-term ramifications grows, we have now made the decision to carry out an orderly wind-down of IBM's business in Russia," Chief Executive Arvind Krishna wrote to employees.
        Source: Bloomberg, CNBC, Reuters
        Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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