As the market navigates through the lean phase of the September-October period, the recovery seen since Wednesday gave investors some reason to cheer. The weekend discussions were centered mostly around the near-term market outlook and the Fed’s interest rate outlook.
Here's a recap of a few major headlines that hit the wire over the weekend:
Elon Musk’s Take On Instagram: Elon Musk called out Meta Platforms Inc.'s META Instagram as an “envy amplifier.” His comments came as a quote-tweet of a video clipping of Charlie Munger at Daily Journal’s annual meeting, where he was seen talking about envy and how it drives the world. Munger, a close aide of Warren Buffett, said envy is built in human nature.
“I have conquered envy in my own life. I don’t envy anybody. I don’t give a damn what somebody else has. But other people are going crazy by it,” Munger had said.
Yellen Speaks On Gas Prices, Interest Rates Outlook: U.S. Treasury Secretary Janet Yellen warned of a rise in gas prices this winter, as the European Union significantly reduces oil purchases from Russia. She shared her view in an interview with CNN. While stating that a potential recession is a risk as the Fed tightens monetary policy to manage inflation, Yellen expressed confidence in the ability of the Federal Reserve to assess how the economy can skirt a recession.
Disney Sees Potential In ESPN: Walt Disney Company DIS CEO Bob Chapek reportedly told during an interview with Financial Times that the company wants to retain the ESPN sports television network. The fact that there has been a deluge of offers for the unit is proof that it has potential. He also hinted at a plan to restore the unit to profitability. Hedge fund Third Point’s CEO Dan Loeb has been calling for a sale of ESPN as part of a series of restructuring initiatives he had suggested for Disney.
Ford Wants To Go Aggressive: Ford Motor Company’s F CEO Jim Farley is planning to meet the company's dealers in Las Vegas this week to convince them to reduce the cost of delivering its electric vehicles by about $2,000, Reuters reported. This is in a bid to make Ford’s EVs price-competitive with those of Tesla Inc. TSLA, which uses a direct sales model.
MicroStrategy Stands By Bitcoin Despite Volatility: MicroStrategy Inc. MSTR is planning to sell shares worth up to $500 million and, in a filing, suggested it would use the proceeds to buy more Bitcoin BTC/USD. This is despite the company having to write off about $917 million in the second quarter due to the pullback in the prices of the apex crypto.
What Else: Musk said on Twitter that the Fed’s move to raise interest rates could trigger deflation and prominent Tesla bull Cathie Wood agreed with him.
The cryptocurrency market cooled off over the weekend after the strong rally seen since last Wednesday as traders paused ahead of key U.S. inflation data.
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