North American Morning Briefing: Slow Start to Week as Investors Await Fed Speakers, More Central Bank Decisions
- by Morningstar
- Jun 17, 2024
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Elon Musk and the SEC Are on a Collision Course Again
Regulators once accused Elon Musk of fraud over a possible buyout that never happened. Now they are positioned to make similar allegations over one that did.
The Securities and Exchange Commission has been investigating Musk's late disclosure of his purchases of Twitter stock before he took over the company. Excerpts of Musk's testimony provided to the SEC, which came to light last month through a separate lawsuit, suggest Musk and his adviser brushed off compliance with a rule that required him to reveal his ownership once it passed 5% of Twitter's shares.
DOJ Has a Second Chance to Prosecute Boeing Over 737 MAX. Will It Take Its Shot?
Glenn Leon sat at one end of a windowless Justice Department conference room two weeks ago prepared for an earful.
The relatives of people who had died in two crashes of Boeing 737 MAX planes crowded around a long table, pleading with the prosecutor over the course of six hours to take a harder line against the company, according to participants. "Don't let them get away with that murder!" one cried. "Do you want your kids, yourself, your grandkids to be killed on an airplane?" another asked.
Wells Fargo Bet on a Flashy Rent Credit Card. It Is Costing the Bank Dearly.
When Charlie Scharf took over as CEO of Wells Fargo, one of his priorities was to expand the bank's credit-card business. Now, a flashy partnership with a startup is complicating a high-profile part of that strategy.
In 2022, Wells launched a credit card with Bilt Technologies, a fintech startup with big-name backers including Blackstone and Mastercard. The co-branded card came with a rare perk: Users can pay for rent with it without incurring fees from their landlords while also earning rewards points. More than one million accounts were activated in the first 18 months, many by young adults.
French stocks have struggled since Macron called for election. Goldman Sachs says it can get worse.
A scenario where the far-right National Rally wins an absolute majority in French parliament could lead to further underperformance for French stocks after its worst week in two years, say strategists at Goldman Sachs.
The CAC 40 FR:PX1 last week fell over 6% after French President Emmanuel Macron called for a parliamentary election, though the index advanced on Monday. French stocks are now worth less than their U.K. counterparts, at $3.17 trillion versus $3.23 trillion, according to FactSet data through Friday.
Bitcoin Falls Below $66,000 as Bond Yields Weigh. Cryptos Are Lacking Catalysts.
Bitcoin and other cryptocurrencies were mixed early on Monday. The crypto sector continues to react to muted prospects for interest-rate cuts this year.
Bitcoin was down 0.4% over the past 24 hours to $65,981. Bitcoin hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then.
Big Tech - not the Fed - is driving the stock-market rally. Here's what investors need to know.
Big Tech, not the Federal Reserve, is still acting as a driver of the record-setting rally across U.S. equities, offering hope to some investors that the stock market could shrug off concerns about the interest-rate outlook to sustain its upward momentum.
The tech-heavy S&P 500 index SPX and the Nasdaq Composite COMP ended Friday with robust weekly gains after scoring multiple record closing highs last week. The S&P 500 posted its best week in over month, while the Nasdaq logged its largest weekly advance since April 26, according to FactSet data.
Russia Sets Hearing as It Moves Toward Trial of Falsely Accused WSJ Reporter Evan Gershkovich
A Russian court said judicial proceedings in the case of Evan Gershkovich, the Wall Street Journal reporter held in Russia for over a year, would be held in secret, with the first hearing in a regional court beginning on June 26, the country's state media reported.
The 32-year-old journalist, a U.S. citizen who was accredited to work in Russia, was falsely accused of espionage in an indictment approved by prosecutors last week. Gershkovich was detained by Russia's Federal Security Service while on a reporting trip for the Journal in March last year.
Corporate Tax Rate Spurs Political Fight With More Than $1 Trillion at Stake
WASHINGTON-The 21% U.S. corporate tax rate is the biggest single variable in the sprawling 2025 tax debate, and the two parties are trying to turn that dial in opposite directions with major consequences for companies' profits and federal revenue.
The rate could climb as high as 28% if Democrats sweep November's elections and move as low as 15% if Republicans gain full power.
Israel to Pause Fighting Along Southern Route in Gaza to Ease Aid Blockage
Israel's military said it would pause fighting along a narrow strategic route in southern Gaza each day to facilitate the distribution of humanitarian aid, seeking to address security issues raised by aid groups and demonstrating Israel's growing hold over the territory.
The United Nations agency most involved with Gaza said it was hopeful the pauses would improve its ability to deliver aid throughout the enclave.
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