Stocks continue to slide for weeks to start the week | Robins Kaplan LLP

Despite Friday’s confirmation of another month of robust job growth, Wall Street couldn’t shake a “relentless decline” that has lasted 6 weeks now and was fueled Monday “by new data from China. which have added to concerns about a battered global economy.” by high inflation, rising interest rates and a faulty supply chain. This data – which unsurprisingly showed a significant slowdown in growth correlated with the recent Covid-induced lockdowns – was enough to take another 3.2% bite out of the S&P 500 and confirm volatility as the new normal for traders – NYTimes and Bloomberg and WSJ and MarketWatch

Bitcoin continues to slide in tandem with broader markets, falling below $31,000, around 55% below its all-time high in November 2021 – WSJ and Bloomberg and Mashable and TechCrunch

All this to say that Cathie Wood and her ARKK fund aren’t booming – Bloomberg

Match Group, the parent company of online dating services like OKCupid and Tinder, sued Google, arguing that the company “broke antitrust laws with the rules it set for its smartphone app store” which ” restrict apps’ ability to charge consumers for app products using their own payment systems.” The ND Cal. Federal lawsuit is the “latest salvo in a long-running battle with app developers on one side and Google and Apple on the other” – NYTimes and Bloomberg and MarketWatch

Less than a week after ownership of Rivian shares sent the company’s quarterly financials plummeting by billions, Ford “sold about 8% of its shares” in the electric truck maker, “pushing shares of Ford is “no longer partnering to develop an electric vehicle with Rivian” and is taking steps to “wind down its stake in what has become a rival in the truck market.” electricity” – WSJ and Bloomberg and MarketWatch

A growing threat of legal liability prompted Goldman Sachs to withdraw its once-strong support for “working with most of the SPACs it has made public.” . . calling into question the fate of the billions raised for these companies with blank checks. Goldman, the “second-largest underwriter of special purpose acquisition companies last year,” appears shaken by recent SEC guidance that would tighten “oversight of SPACs” and expose “underwriters to greater liability risk.” important” – Bloomberg and Law360

Facial recognition software maker Clearview AI has agreed to resolve a lawsuit by the ACLU and “will limit its database of faces in the United States primarily to government agencies and will not allow most American companies to access it.” have access” and its “more than 20 billion faces”. Photos.” The deal marks the latest in a series of consequences stemming from the company’s practice of scraping photos from the web, a business model that goes against privacy authorities around the world. Canada, Australia and parts of Europe and resulted in fines north of $20 million worldwide – NYTimes and Law360 and TechCrunch

G7 leaders reached an agreement over the weekend to “ban or phase out Russian oil, with the aim of further eroding Russia’s economic position as it continues its invasion of Ukraine.” Details of the commitment remain unclear, but the group has promised to implement the plans “in a timely and orderly manner, and in a way that gives the world time to secure alternative supplies” – NYTimes

Speaking of Russia, learn more about Elvira Nabiullina, the head of Russia’s central bank responsible for keeping her nation afloat and undoing the years of work she’s done in recent years to connect her country’s economy. to the rest of the world – NYTimes

Tobacco giant Philip Morris International is reportedly in talks to acquire international rival Swedish Match AB “in a deal that could be valued at $15 billion or more and bolster the [company’s] exposure to the rapidly growing market for smoke-free brands” – WSJ

CityLab explores what NYC’s new e-bikes mean for the future of transportation in “a city where all e-bikes were technically illegal until 2018” when they “should play an outsized role in shaping the image of the city’s transport for years to come” -Bloomberg

Stay safe,

LOL

Comments are closed.