Good Evening. Concerns over continuing inflation and the strength of the US economy sparked increased volatility in recent sessions, prompting a comeback bounce Friday that helped cut some losses from earlier this week.
The S&P 500 gained 2.39%, while the Nasdaq gained 3.82% on its strongest day since mid-March. 1.47% were added to the Dow. The significant increase came after Federal Reserve Chair Jerome Powell said in an interview with Marketplace public radio on Thursday that two more 50-basis-point rate hikes were on the table for the next two Fed meetings, and that officials were not “actively discussing” a 75-basis-point rise.
TWITTER PUT ON PAUSE
Tesla (TSLA) stock rose more than 6% before the market opened Friday morning, after CEO Elon Musk revealed his $44 billion plan to buy Twitter (TWTR) had been temporarily halted. Musk is asking for more information on how much of Twitter’s user base is made up of bot accounts.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said in a Twitter post early Friday. He linked to a Reuters piece claiming that bogus or spam accounts made up less than 5% of Twitter’s monetizable daily active users, according to filings.
Musk stated in his announcement of his deal to buy Twitter last month that one of his post-acquisition priorities for the firm would be to target bot accounts and authenticate users.
At Closing, TSLA and TWTR moved by 5.71% & 9.67% to $769.59 & $40.72 per share, respectively.
FOOD
According to a new House subcommittee study, meatpacking corporations fabricated supply shortages during the pandemic’s peak to keep operations running and avoid COVID health requirements.
Tyson, Smithfield, JBS, National Beef, Hormel, and other significant meat manufacturers named in the report account for the majority of the beef and pork business in the United States. And it’s jam-packed with damaging assertions that, despite COVID spreading quickly across plants and killing 269 workers in the first year of the pandemic, businesses campaigned hard on Capitol Hill to keep factories open.
- According to the source, Tyson even authored former President Trump’s unilateral order to keep factories operational in April 2020.
According to studies from the University of California at Davis, an estimated 334,000 COVID infections have been connected to meatpacking operations across the US, with per capita infection rates double in counties containing beef and pork facilities.
Meat companies responded that they did everything possible to protect workers. The research “cherry chooses facts to create a narrative that is entirely unrepresentative of the early days of an unprecedented national disaster,” according to the North American Meat Institute.