Stocks slip as earnings season begins on Wall Street
Wall Street fell broadly as investors brace for a week of inflation data and company results. The S&P 500 dropped 0.9 percent, Dow fell 0.6 percent, and Nasdaq declined 0.9 percent with tech and energy leading losses. Gap tumbled after CEO Sonia Syngal announced her resignation. travel stocks rose with United Airlines and American Airlines up sharp. Analysts forecast modest S&P 500 earnings growth, while inflation and rate hikes keep recession fears in play. The 10-year yield edged near 3 percent as markets weigh the economy’s trajectory amid energy price swings and supply-chain concerns.
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Gas price average falls further amid oil price dips
The average U.S. price for regular gasoline dropped 19 cents to 4.86 per gallon over two weeks, with analyst Trilby Lundberg noting potential 10-20 cent declines if oil costs stay downward. Diesel fell 13 cents to 5.76, while regional highs and lows ranged from 6.14 in the San Francisco Bay Area to 4.19 in Baton Rouge.
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Lundberg Survey
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Twitter sues Musk to force $44B Twitter merger
Twitter files a Delaware Chancery suit alleging Elon Musk breached a merger deal by backing away from the $44 billion acquisition. The complaint accuses Musk of buyer's remorse and cites failure to satisfy financing, information requests, and non-disparagement obligations, claiming irreparable harm to Twitter's business.
MENTIONED IN THIS ARTICLE
Twitter
Musk
Tesla
Elon Musk
Delaware
Delaware Court of Chancery
Brian Quinn
Boston College
Quinn
Delaware Chancery Court
Peloton to stop making bikes and treadmills in house
Peloton will suspend in house production at the Tonic Fitness Technology plant in Taiwan for the rest of the year and outsource manufacturing to a Taiwanese maker. The move aims to cut costs as sales fall after gyms reopened and cheaper knockoffs surged, following major restructures and large job cuts. Co founder John Foley stepped down as CEO amid the cost driven overhaul.
MENTIONED IN THIS ARTICLE
Peloton
New York City
Tonic Fitness Technology
Taiwan
U.S
Ohio
John Foley
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