Jun 3, 2022
Welcome back to our Weekly Digest. Read on for the latest updates.
Market rally extends gains
Coming off promising increases at the end of last week, Dow Jones futures rose recently, snapping a weeks-long losing streak.
Biden meets with Powell amid rising inflation rates
President Joe Biden met with Federal Reserve Chair Jerome Powell at the Oval Office on Tuesday to discuss the state of the American and global economies. According to reports, the personal consumption expenditures price index rose by 6.3% from April 2021, well above the 2.1% target.
US debuts first true exascale machine supercomputer
The Department of Energy is now home to the world’s fastest supercomputer, overtaking the title from Japan. The HPE Frontier system can perform over one quintillion calculations per second.
Chaotic air travel weekend as hundreds of flights canceled
Bad weather and “air traffic control actions” are being blamed for thousands of canceled US flights over the Memorial Day weekend. More than 6,000 flights were reportedly canceled over the long weekend.
No deals on cars this holiday weekend
The ongoing crunch in the supply chain means typical Memorial Day weekend car sales simply weren’t available this year. Watch the video from CBS here.
Fed can raise rates and tamp down demand without causing economic turndown, official says
Federal Reserve Governor Christopher Waller said he would support hikes that exceed the “neutral” level, currently pegged around 2.5% for the Fed’s benchmark borrowing rate. He also noted that he believes the Fed can increase rates without having a severe negative impact on the economy.
Crypto market barely turns to green
This week, Bitcoin finally reclaimed a $30,000 level amid the broader market’s recovery. Despite the positive move, Bitcoin is still down overall for the month.
Investor advocates call for swift changes to change stock market rules amid Musk Twitter takeover
Elon Musk’s 11-day delay in disclosing that he had purchased 9.1% of Twitter allowed the Tesla CEO to buy shares at a lower price — saving him roughly $140 million. Investor advocates say Musk’s move is an example of why the SEC should take a stronger role in cracking down on “information asymmetry.”
Gas prices expected to continue to climb
Gas prices continued to soar over the Memorial Day weekend as nearly 35 million Americans hit the road for the holiday. Experts predict the high prices could continue into September.
DeLorean readies to enter the EV market
DeLorean Motor Company has released the first images of its upcoming Alpha 5 electric vehicle, complete with gull-wing doors.