Stocks futures point to more losses
Wall Street’s main indexes are set to start the new week sharply lower, extending last week’s brutal selloff, as traders remain concerned that Federal Reserve policymakers might trigger a major economic slowdown as they attempt to get inflation back in control.
As of 5:45 a.m. ET, Dow Jones Industrial Average futures fell 430 points, or 1.3% to 32,382. S&P 500 futures lost 63.5 points, or 1.54% to 4,056 while the tech-heavy Nasdaq Composite futures were down 226 points, or 1.81% to 12,642.
On Friday, the Dow lost 0.30% to close at 32,899.37. The S&P 500 fell 0.57% to finish at 4,123.34 while the Nasdaq Composite ended the session at 12,144.66, down 1.40%.
The selloff came after the Fed approved a 50-basis-point hike earlier in the week to a target range of between 0.75% and 1%.
At the conclusion of the Fed’s policy meeting, Chairman Jerome Powell said policymakers were not actively considering a 75-basis-point in the immediate future.
Crude futures slide as G7 nations pledge to ban Russian oil
In energy markets, crude futures tumbled early Monday after G7 leaders announced plans to ban the import of Russian oil in response to President Vladimir Putin’s invasion of Ukraine.
The leaders said in a joint statement on Sunday that their countries are committed to ending dependency on Russian energy, including oil imports.
“We will ensure that we do so in a timely and orderly fashion. We will work together and with our partners to ensure stable and sustainable global energy supplies and affordable prices for consumers,” the leaders said in the statement.
The European Union has also announced a similar plan, which is yet to be finalized due to objections from Hungary.
As of 6:15 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures shed $2.24, or 2.04% to $107.53 a barrel. Global Brent crude futures lost $2.07 points, or 1.84% to $110.32 a barrel.
Elon Musk aims to increase Twitter’s revenue to $26.4 billion by 2028
Tesla (NASDAQ: TSLA) chief executive believes that Twitter (NYSE: TSLA) can lift its annual revenue to $26.4 billion by 2028, a significant increase from the $5 billion the company reported last year.
Musk said in pitch deck to investors, which was obtained by the New York Times, that subscriptions would be a much more vital revenue driver than it is today, pulling in $10 billion of the 2028 figure, while ads would bring in $12 billion.
Musk won a deal last month to acquire of Twitter for $44 billion in cash, in a move that will hand him control of the micro-blogging platform populated by millions of users.
Once the deal closes, Musk is expected to become Twitter’s temporary CEO according to a Reuters on Thursday that cited a person familiar with the matter.
Twitter stock was down 65 cents, or 1.31% to $49.15 a share in the premarket trading session.