Business News

NWQWM Morning Financial Report

Wall Street is looked ahead to a big week of company earnings reports and key inflation data, on the heels of a strong employment report.  On Friday the Dow and S&P finished trading slightly lower, while the Nasdaq Composite rose for a 5th straight day.  All of the major averages secured a winning week after a stonger-than-expected jobs report Friday showed that the economic downturn worrying investors has not yet arrived and added to positive sentiment.

Billionaire Elon Musk wants to end his $44 billion deal to buy Twitter, according to a letter sent by a lawyer on his behalf to the company’s chief legal officer.  But Twitter’s board chair Bret Taylor said the company is still committed to closing the deal at the agreed-upon price and plans to pursue legal action to enforce the agreement.

China factories are feeling some heat as US and European demand is slowing.  Chinese manufacturers are starting to see demand for consumer goods in developed economies tail off, after a strong rebound from pandemic shocks. Spot ocean freight rates between China and major U.S. and European markets are falling as consumer demand retreats.  Goods demand is “normalizing” leading to a significant slowdown in global growth and trade but not quite a recession yet.

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