The Federal Reserve's 50-basis-point interest rate hike announced last week triggered a positive reaction initially.
Yet the relief rally gave way to pessimism, triggering a sell-off on fears that higher rates could smother the fledging economic recovery that is taking shape following the COVID-induced downturn. As a fresh week unfolds, investors will likely look forward to earnings to help stem the slide.
Here's a recap of a few major headlines that hit the wire over the weekend:
1. Crypto Market Swoons & Experts Debate: As Bitcoin (CRYPTO: BTC) hurtles toward its lowest since late January, the so-called crypto experts were in full flow dissecting the downward spiral and the likely causative factors. One of the reasons thrown around was the hand of big whales, going by the huge volume, while some gave a positive touch suggesting that such a capitulation is warranted and signals weak hands leaving. Check out Benzinga's compilation of expert views on the weekend crypto market sell-off.
2. Elon Musk's Premonition: Elon Musk on late Sunday tweeted a premonitory message, wherein he raised fears of a threat to his life. The trigger was a note from Russian space agency chief Dmitry Rozogin that accused Musk of supplying military communication equipment to Ukraine. Rozogin was referring to the Starlink terminals Musk's team shipped to the war-ravaged country. In the note, he also warned that Musk will be held accountable for it.
3. Apple's Payments Could Renew Regulatory Woes: Apple, Inc. (NASDAQ:AAPL) restricting iPhone users from using rival financial apps for the phone tap feature could land the company in the crossfires of regulators yet again, according to Bloomberg columnist Mark Gurman. The company wants to keep rivals away on this front given the huge future revenue potential from contactless payment.
Related Link: Palantir, Plug Power, Novavax, BioNTech, Lordstown: 5 Key Earnings To Watch Today
4. Gates Warns Of Recession: Microsoft Corporation (NASDAQ:MSFT) founder Bill Gates suggested that bears may be right this time around, as a combination of the war in eastern Europe, lingering impact of COVID-19 pandemic and higher interest rates could trigger a global economic slowdown.
Ford Selling More Rivian Stake? Ford Motor Company (NYSE:F), a minority stakeholder in electric vehicle manufacturer Rivian Automotive, Inc. (NASDAQ:RIVN) is planning to sell 8 million shares in the latter as the lockup expired on Sunday, CNBC reported, citing sources. The beaten-down Rivian stock could come under further weakness this week if more insiders choose to offload positions.
What Else? Walt Disney Company (NYSE:DIS) took over as the box office leader this weekend, as its "Doctor Strange in the Multiverse of Madness" raked in $185 million in ticket sales.
As the fanatic Doge (CRYPTO: DOGE) community spread around word of Amazon, Inc. (NASDAQ:AMZN) founder Jeff Bezos following the meme coin's co-founder Billy Markus, rumors of Amazon accepting Doge as payment option began to drift around.
Related Link: Apple, Google Among Top 9 Tech Companies Actively Scouting Talent For Crypto, Blockchain Positions
