Cramer's Optimistic Call, 'Twitter Files' Drop In, OPEC+ Sticks To Stance And More: 5 Key Stories You May Have Missed From The Weekend

Zinger Key Points
  • The market is hoping against hopes for a strong finish to the year but the near-term trajectory hinges on economic data.
  • Larry Summers said over the weekend it's difficult to achieve a soft landing.
Cramer's Optimistic Call, 'Twitter Files' Drop In, OPEC+ Sticks To Stance And More: 5 Key Stories You May Have Missed From The Weekend

The weekend news flow centered around the direction of the financial markets as they enter the final leg of the year. Twitter owner Elon Musk kept the social media platform buzzing with his frequent tweets on a host of topics.

Here's a recap of a few major headlines that hit the wire over the weekend:

1. Cramer See More Market Strength: After the major U.S. averages posted two straight weekly gains, CNBC host Jim Cramer said he expects more strong performance in the week ahead. The optimistic forecast is predicated on economic data remaining supportive. He singled out the November producer price inflation data and the University of Michigan’s consumer sentiment index as two key data points to watch out for.

2. Musk Keeps Word With 'Twitter Files' Disclosure: Twitter Files — the disclosure of internal communications within the company regarding censorship of the Hunter Biden laptop story — was released late on Friday. The files were released as screenshots on Twitter by Substack writer Matt Taibbi in a tweet thread. The revelations included Twitter’s extraordinary steps to suppress the New York Post story about the contents gleaned from President Joe Biden’s son Hunter.

3. OPEC+ Favors Status Quo: OPEC+, a coalition of the 13-nation OPEC and 10 more non-OPEC oil producers, on Sunday decided to maintain production targets at current levels. The group also stuck with its decision to reduce oil production by two million barrels per day from November through the end of 2023. Crude oil reacted with a move to the upside following the decision.

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4. SBF Hints At Testifying Before Congress: Tainted crypto entrepreneur Sam Bankman-Fried said on Twitter that he would appear before the House Financial Committee and explain, once he is done with learning and reviewing what really happened at FTX, a cryptocurrency exchange he founded. His assertion came in response to the invitation extended by the committee’s chair Rep. Maxine Waters (D-Calif) to the hearing regarding the exchange’s collapse scheduled for Dec. 13.

SpaceX Now Has Government-Focused Internet Service: Musk-owned SpaceX announced Starshield, a cousin to its Starlink low-latency, high-speed satellite internet service. Starshield is designed for government use and will help with national security efforts, SpaceX said. The initial focus, according to the company, will be on three areas — earth observation, communications and hosted payload.
What Else: Apple Inc. AAPL is expediting its efforts to reduce its reliance on China for production, according to a Wall Street Journal report. Wedbush analyst Daniel Ives, however, suggested that it could be easier said than done.

Former Treasury Secretary Larry Summers has warned that it's much harder than many people think to achieve a soft landing.
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Posted In: Elon MuskHunter BidenJim CramerJoe BidenSam Bankman-FriedSpaceXtwitterNewsSocial MediaTop StoriesEconomicsTechMediaGeneral