With the Fed’s June decision to hike interest rates now in the rearview mirror, early indications suggest the market may race off to a firm start. That said, economic uncertainty continues to be an overhang on the market. Several Fed officials, including central bank chairman Jerome Powell, are scheduled to make public appearances this week. This gives investors a chance to understand the Fed’s thinking on the past week’s policy decision and the economic trajectory.
The long weekend on account of the Juneteenth public holiday was marred by a deep sell-off in the crypto market.
As investors look for a market reversal, here’s a recap of a few major headlines that hit the wire over the weekend.
Musk’s Child Files For Gender Identity Change: Close on the heels of Tesla, Inc. TSLA chief executive officer Elon Musk professing his love for all his kids on the Father’s Day, one of his children, who just turned 18, filed a plea in a Los Angeles court to change their name and obtain a new birth certificate. The was done to get official recognition for a new identity as a female, and also to sever all ties with Musk.
Musk was also in the news after he renewed his commitment toward Dogecoin DOGE/USD. He said he would continue to buy the meme currency.
Apple Workers Unionize, Biden Welcomes Move: After workers at Apple, Inc.’s AAPL Maryland store voted to unionize, President Joe Biden threw his weight behind them. Biden reportedly said he is proud of them and that they have the right to determine under what conditions they are going to work or not work.
Cathie Wood Criticizes Fed: Ark Invest founder Cathie Wood on Sunday said the Federal Reserve is incorrectly relying on lagging indicators such as the consumer price index. She described the Fed’s moves as “draconian” and said the central bank is bothered more about its legacy than the economy. Wood also stated that the U.S. economy entered a recession in the first quarter.
O’Leary Bets On Crypto Recovery: In an exclusive interview to Market Insider, venture capitalist and Shark Tank host Kevin O’Leary reaffirmed his bullish stance on cryptocurrencies. He said he isn’t selling and expects the current bear market to have a positive impact on the whole crypto sector in the long run.
Apple’s AirTag Selling Like Hot Cakes: Noted Apple analyst Ming-Chi Kuo said over the weekend that AirTags, an accessory that helps locate personal items using the iPhone, are expected to see 75% volume growth in 2022. The analyst opined that Cupertino could launch a second-generation version, provided demand holds up.
What Else? “Jurassic World Dominion,” released by Comcast Corporation’s CMCSA Universal Pictures ruled the roost in the domestic weekend box office for the second straight week, raking in $57.1 million from 4,697 theaters.
Travelers during the holiday weekend faced hardships, as thousands of flights were either cancelled or delayed on both Saturday and Sunday.
Amazon, Inc. AMZN faces the risk of running out of people for working at its warehouses by 2024, according to an internal report. The report recommends automating processes, where ever it is feasible, and increasing wages to retain people as well as to recruit.