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Hope you had a good weekend. Here's what we're watching this week:
It's been the worst start to a year since 1939 for the S&P 500 and the worst start EVER for tech-heavy Nasdaq. Can things turn around or is this the beginning of a "creeping bear market?"
The Fed meets this week and will likely raise interest rates again. But by how much?
In Ukraine, an unannounced visit from Nancy Pelosi as evacuations finally begin in the war-torn city of Mariupol.
There's a big US Senate primary in Ohio this week-- the results will give us insight into that state of Trump's influence over party politics.
The White House Correspondents' Dinner was back after a 2-year hiatus. The best jokes and the biggest celebs.
Everything you need to know about tonight's Met Gala.
And, as always, we start the week on the right foot with Good Mood Monday.
~ Mosh & Jill
There's a lot going on this week when it comes to Wall Street and the economy, just as the stocks wrapped their worst month in ages. Here's what we're watching:
Wall Street: April was a brutal month for the markets, but can things turn around in May? The Nasdaq-- made up of the biggest tech companies-- had ITS worst ever start since 1971 through April 29. Most recently, Netflix and Amazon shares plunged in the wake of their earnings reports as some of the pandemic-era winners have fallen back to earth. That comes as the larger index-- the S&P 500--has had its worst start to a year, down 13% through April, in over 80 years. This week, watch for earnings from names like Pfizer, Starbucks and Uber. ~ CNBC
What gives? Most analysts say there are a bunch of factors at play: supply chain concerns due to Covid shutdowns in China, the ongoing war in Ukraine, a widening trade deficit, out-of-control inflation and rising interest rates. ~Marketwatch
Interest Rates: The Fed is expected to raise interest rates at its two-day policy meeting this week, likely by half a point. It would be the first time the Fed has raised rates by a size that large since 2000, a sign of growing concern about inflation. ~ Bloomberg
What's next? Economists tell Bloomberg they expect the Fed will raise rates by another half point in June, and then slow down the pace with quarter-point moves for the end of the year.
Why it matters? They are trying to slow down price increases as inflation climbs at its highest pace in decades. Mortgage rates and credit card rates have already started to go up. Reminder: When the Fed raises interest rates, it makes it more expensive to borrow, ensuring there is less money for consumers to spend and less demand. But the concern as you try to tame inflation....is there's a risk of slowing the economy down too quickly and into a recession.
Wah Wah: GDP was negative in the first three months of the year. If GDP is negative from April to June, for a second straight quarter, then the US will technically be in a recession.
Jobs: One of the bright spots in this economy has been a strong job market, with the unemployment rate dropping to 3.6% in March, a pandemic low (and also only slightly above where it was PRE pandemic). On Friday, we'll get a better sense of the employment picture with the April jobs report.
Expectations: Analysts forecast 390,000 jobs were created in April and the unemployment rate held steady at 3.6%.
House Speaker Nancy Pelosi led a Congressional delegation on a secret trip to to Ukraine's capital this weekend. She became the most senior U.S. official to meet with President Zelensky since the war started in February. Her delegation then traveled onto Poland, where 3 million refugees have settled in the last two months. ~ CNN
"We are visiting you to say thank you for your fight for freedom, that we're on a frontier of freedom and that your fight is a fight for everyone. And so our commitment is to be there for you until the fight is done." -- Pelosi said to Zelensky.
Mariupol Evacuation: Meanwhile, residents in the besieged southern city of Mariupol are finally able to evacuate. Officials are urging them to flee to Zaporozhye, 140 miles to the west. ~ USA Today
"It's official. Today it is possible to evacuate the civilian population from Mariupol. If you have relatives or friends in Mariupol, try to contact them ... and say that there is an opportunity to travel to Zaporozhye, where it is safe. We pray that everything will work out." -- Mariupol City Council
It's not clear how many people remain in the city. More evacuations are set for today but Russian shelling has started again. Tens of thousands of Ukrainians have been trapped with little food, water or utilities for weeks. ~CBC
It is officially primary season in America. Two big states to watch this month: Ohio and Pennsylvania, whose results will tell us a lot about Donald Trump's continued influence over Republican voters.
Ohio: Voters head to the polls on Tuesday and the Republican senate race is "fluid and uncertain." J.D. Vance, the “Hillbilly Elegy” author, shot up double digits to first place after Trump's endorsement. Though it appears the former president forgot the name of his choice at a rally this weekend, combining the names of two candidates. At the same time, Politico reports that Matt Dolan, a "Republican who refuses to bend the knee to Trump," is also surging. ~ NBC News
l“President Trump is a major factor in this state,” said Alex Triantafilou, the longtime chairman of the Hamilton County Republican Party, which includes Cincinnati. “He just is. He still motivates our base in a way that some people think is waning, but it’s not from my perspective.” ~NY Times
Pennsylvania: The Republican Senate primary is still anyone's race, even after President Trump endorsed celebrity doctor Mehmet Oz. He's now in the top tier with two other candidates, hedge fund CEO David McCormick and conservative commentator Kathy Barnette. On the Democratic side, Lt. Gov. John Fetterman is the frontrunner. ~ Philadelphia Inquirer
The eventual winners of both races this November could determine which party controls the US Senate.
Comedian Trevor Noah headlined the White House Correspondents' Dinner, back from a two-year hiatus because of the pandemic. President Biden attended the event, and gave some nice roasts, marking the first time the sitting president attended since President Obama in 2016. Trump boycotted all three dinners--where politicians, celebrities and journalists mingle--during his term. ~ Washington Post
Noah took aim at Biden and a number of media outlets including MSNBC, Fox News, CNN and the NY Times. Here are some of Trevor Noah's best burns:
“You guys spent the last two years telling everyone about the importance of wearing masks and avoiding large, indoor gatherings. Then the second someone offers you a free dinner, you all turn into Joe Rogan, huh?”
“The great chef José Andrés is joining us tonight. … Whenever there’s a disaster anywhere in the world, Chef José is there. Which I guess is why he’s sitting at the CNN table tonight.”
To President Biden: "I'll be honest if you didn't come, I totally would have understood. Because these people have been so hard on you which I don't get. I really don't know I think ever since you've come into office things are really looking up! You know, gas is up, rent is up, food is up!"
“As you all know, President Biden’s lack of a filter does get him into hot water sometimes. Last month, he caused a huge international scandal saying that Vladimir Putin should be removed from power. It was very, very upsetting to Russia. Until someone explained to them that none of the stuff Biden wants actually gets done.”
For his part, Biden revived the tradition of the president delivering a routine at the dinner. Some Highlights:
“A special thanks to the 42 percent of you that actually applauded. I’m really excited to be here tonight with the only group of Americans with a lower approval rating than I have.”
He said that no president attending the dinner for the last six years was understandable. "We had a horrible plague, followed by two years of COVID.”
Biden insisted he was not there to roast Republicans. “Besides, there’s nothing I could say about the GOP that [GOP leader] Kevin McCarthy hasn’t already put on tape.”
The world’s richest man, Elon Musk, attacked a publication owned by the world’s third richest man, Jeff Bezos, last month for reprinting a column published by the world’s 13th richest man, Mike Bloomberg. The jab underscored an unusual and consequential feature of the nation’s new digital public square: Technological change and the fortunes it created have given a vanishingly small club of massively wealthy individuals the ability to play arbiter, moderator and bankroller of not only the information that feeds the nation’s discourse but also the architecture that undergirds it. (Washington Post)
The family of Paul Rusesabagina, the subject of Oscar-nominated film Hotel Rwanda, have filed a $400m lawsuit against Rwanda in a U.S. court over his abduction and torture. He was sentenced to 25 years for terrorism by a Rwandan court last year in what supporters called a sham trial. His family say the Rwandan government lured him from Texas, where he was living in exile, back to Rwanda. (BBC)
A software update is being rolled out over the coming days and weeks for Chrome on PCs, Macs and Linux, and other browsers that use Google code such as Microsoft Edge, Google said in a blog post. Among the 30 security fixes are seven deemed high level threats. (USA Today)
The actor said there was a “difference of opinion” with a woman that he was working with that led to the complaint and production pause. He told CNBC, “I did something I thought was funny, and it wasn’t taken that way." He's optimistic that production will restart, but only if the woman involved in the incident is comfortable doing so. He suggested he hadn't realized how much the times had changed in terms of what's considered funny, and hopes to learn from the mistake: “That’s a really sad puppy that can’t learn anymore.” (CNBC)
Nike is releasing a new sneaker honoring Gigi Bryant, Kobe Bryant's daughter, on what would be her 16th birthday. The Kobe 6 Protro "Mambacita Sweet 16" was released on May 1, with profits benefiting the Mamba & Mambacita Sports Foundation. (Bleacher Report)
The 2022 Met Gala theme, In America: An Anthology of Fashion, is built around the tenets of American style, and celebrates unsung heroes of US design. This year’s ceremony will take place TONIGHT—a return to the event’s traditional first Monday in May slot after two years of COVID chaos. The co-chairs this year are Regina King, Blake Lively, Ryan Reynolds, and Lin-Manuel Miranda, while designer Tom Ford, Instagram’s Adam Mosseri, and Vogue’s Anna Wintour will continue as honorary co-chairs. (Vogue)
Check out this sweet video as a father surprises his son with the news that he (the father) is graduating college. The son did not know his dad had gone back to college to finish his degree. (The dad's cap and gown are in the box).
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