The unfolding week is likely to test the nerves of investors, as they get to digest major market-moving catalysts, both on the economic and corporate fronts. A Fed meeting, second-quarter U.S. GDP data, and big tech earnings, all make things interesting. Ahead of the news-heavy week, here's a recap of a few major headlines that hit the wire over the weekend:
Elon Musk-Sergey Brin Cut Ties: Another scandal involving Tesla, Inc.'s (NASDAQ:TSLA) effervescent CEO Elon Musk came to light this weekend. A Wall Street Journal report suggested Musk had a brief affair with Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) unit Google co-founder Sergey Brin's wife. This eventually led to the severing of the friendship between the businessmen and the divorce filing by Brin.
While the Journal reported, citing sources, that Musk was repentant, the Tesla CEO came back to clarify on Twitter that the rumor is grossly false.
Separately, Musk took to Twitter this weekend to applaud his SpaceX and Starlink ventures for their accomplishments.
Putin Reportedly Used A Body Double For Iran Trip: Russian President Vladimir Putin recently visited Tehran to participate in a trilateral summit with Turkey and Iran. The president’s lively appearance during the visit appeared uncharacteristic, sparking off rumors that a body double may have been used.
Binance’s CZ Unperturbed By Tesla’s Bitcoin Liquidation: Binance founder Changpeng Zhao shrugged off Tesla’s liquidation of 75% of its Bitcoin (CRYPTO: BTC) holdings.
Musk's acceptance of Bitcoin didn't make it better, and just because he sold Bitcoin, didn't make it worse, he suggested.
Related Link: As Snap Spooks Market, Here Are The Hits & Misses Of Q2 Reporting Season
Wheat Prices Ease: With Russia and Ukraine deciding to agree on allowing grain shipments across the Black Sea port, wheat futures pulled back. Prices ran up to a record in March amid the intensification of war between the countries.
Monkey Pox Declared Global Emergency: The World Health Organization on Saturday declared the monkeypox outbreak as a global emergency, which is the highest level of alert. More than 16,000 cases were diagnosed in over 75 countries, WHO’s Director General Tedros Adhanom Ghebreyesus said.
What Else:
Following Snap, Inc.’s (NYSE:SNAP) disappointing quarterly report, here are the key earnings investors should look ahead to this week.
Reports revealed that Volkswagen AG’s decision to let go of its CEO Herbert Diess is due to ongoing issues with the software. The failure of the group’s software company Cariad served as the last straw that broke the camel’s back.
Apple, Inc.’s (NASDAQ:AAPL) travails have to do as much with company-specific issues as with the economic condition, Bloomberg columnist Mark Gurman said. The Apple specialist is confident that the company can bounce back soon.
Photo: Courtesy of Haddad Media and UN Geneva on flickr, and Binance
