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Today in the Market (6/17/2022)

Good Evening. Stocks in the United States climbed on Friday, but they still had their worst weekly losses since the pandemic’s peak in 2020, as fears of a recession remained high.

On Friday, the S&P 500 finished 0.22%, which pushed the stock’s one-week drop to 5.8o%. During the session, the Nasdaq rose 1.43% as battered tech stocks recovered some of their recent losses, albeit the index is still down 4.80% since last week. The Dow Jones fell by 0.13%, as the 10-year Treasury yield fell to around 3.20%. Crude oil prices tumbled to a one-month low, with West Texas intermediate futures falling below $109 a barrel.

ENERGY

Advent (ADN)reported that Greek officials had approved funding for an $821 million project in Western Macedonia to produce fuel cells and electrolyzers over a six-year period.

The money will go into a new facility and the development of fuel cells and green hydrogen production. Advent said, boosting economic development and bolstering the region’s shift from a coal-fueled economy, pending ratification by the European Union.

“We have been clear and focused throughout the process, with the conviction that Advent’s Green HiPo project will be instrumental in hydrogen generation and clean energy production,” Gregoriou added. “Green HiPo demonstrates the commitment by Greece and the EU to rapidly decarbonize power production and to move forward to energy security and independence with hydrogen technologies playing a crucial role.”

The news boosted Advent’s stock by more than 230% on Thursday afternoon. However, at closing, ADN finished in the red by 27.57% at $2.89 per share

TWITTER Q&A

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Elon Musk took questions from Twitter’s 8,000 employees at an hour-long virtual conference, dealing directly with the company he hopes to buy yet appears to distrust.

Musk, who agreed to buy Twitter for $44 billion in April, called in 10 minutes late from a hotel room and addressed a number of important issues that the staff was concerned about.

  • On remote work, Musk, who has urged Tesla employees to return to the office, stated that Twitter employees who are “excellent at their jobs” can work from home, but that working in person should take precedence. Twitter announced in May 2020 that employees would be able to work remotely indefinitely.
  • On the subject of “free speech”, Musk stated that users should be able to say “pretty outrageous things” on the platform as long as they do not break the law.
  • Musk’s immediate objectives include quadrupling Twitter’s user base to 1 billion users and integrating payments into the service.

Meanwhile…earlier in the day, SpaceX employees drafted a letter criticizing their boss, stating that his online and public behavior detracts from the company’s work and embarrasses colleagues.

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