Here are the most important news, trends and analysis investors need to start their trading day:
Traders on the floor of the New York Stock Exchange, March 31, 2022.
US Stock Futures fell on Wednesday as investors await more information on what appears to be a shift from the Federal Reserve to an even more aggressive monetary policy tightening path. Minutes from the Fed’s March meeting, which featured the first rate hike in more than three years, are released at 2 pm ET. The market sees rate increases of at least 0.25% in the remaining six Fed meetings of the year, with increases greater than 0.5% possible in May and June. federal governor Lael Brainardthat normally favors easy policy and low rates, the central bank said on Tuesday you need to act quickly and aggressively to reduce inflation. Those comments sent wall street down and bond yields near three-year highs again.
In fact, 30-year fixed-rate mortgages exceeded 5% on Tuesday. The rising rate environment sent a sheer volume of home loan applications down another 6% last week, according to the Mortgage Bankers Association. That is 41% less than the same week a year ago.
Oil prices remained high Wednesday on supply concerns as the United States and its European allies consider more sanctions against Moscow as allegations surface of atrocities committed by Russian troops in Ukraine during the war. The head of the European Council said that Russia’s oil and gas sanctions needed sooner or later. Higher crude oil prices, in turn, have pushed gasoline prices higher. CEOs of oil companies, including Chevron and Exxon, are set to testify before a House panel on Wednesday about what they are doing to control energy costs. In another House hearing, Treasury Secretary Janet Yellen is ready to talk about the global impact of Russia’s invasion of Ukraine about the world economy.
A Spirit Airlines aircraft sits on the tarmac at Fort Lauderdale-Hollywood International Airport on February 7, 2022 in Fort Lauderdale, Florida.
Joe Raedle | fake images
JetBlue Airlines made a not requested Cash offer of $3.6 billion for spiritual airlinesraising questions about Spirit’s deal to combine with rival discount airline border airlines. Spirit said its board was evaluating JetBlue’s proposal, which is 33% higher than Frontier’s stock and cash offering. Trading in Spirit shares was halted before the market close on Tuesday after the shares rose more than 22%. Spirit shares were lower in pre-market trading on Wednesday. Frontier was also lower premarket.
Elon Musk speaks at the World Automotive News Congress at the Renaissance Center in Detroit, Michigan.
Rebecca Cook | Reuters
Tesla CEO Elon Musk has been buying Twitter shares almost daily since the end of January, spending $2.64 billion on his current stake in the company, according to a regulatory filing on Tuesday. The disclosure came in 13D, confirming Musk’s intentions to be more active in the Twitter business. He was announced as a new board member early Tuesday. Twitter also confirmed that it is testing an edit button, which was the subject of a Twitter poll by Musk on Monday, hours after a presentation revealed that he had taken a more than 9% stake in the social network.