Elon Musk and Bitcoin, AT&T and Discovery: 5 Things You Need to Know

Here are five things you need to know for Monday May 17th:

1. Stock futures are falling after a tough week on Wall Street

Stock futures traded lower on Monday after Wall Street had a difficult week driven by concerns about the impact of rising inflation on the US recovery.

Contracts related to the Dow Jones Industrial Average fell 143 points, S&P 500 futures fell 15 points, and Nasdaq futures fell 55 points.

Stocks closed higher on Friday, but fell during the week as inflation fears put Wall Street ahead of the Federal Reserve hike rates near zero and start cutting asset purchases earlier.

The Dow was down 1.1% last week, the S&P 500 was down 1.4% and the Nasdaq was down 2.3%.

Wall Street will be paying close attention this week to the minutes of the April Fed meeting, which include the central bank’s thoughts on price pressures and hints as to when it might start withdrawing support.

U.S. Treasury bond yields continued to decline, falling to 1.627% on Monday after a report was released last week that said U.S. retail sales stalled in April as the effects of government stimulus wore off and consumers pulled back on spending in the waning months of the pandemic.

Bitcoin traded at just $ 42,212, according to comments from Tesla (TSLA) – Get the report CEO Elon Musk.

2. – This Week’s Calendar: FOMC Logs and Walmart Earnings

The Monday U.S. economic calendar includes the Empire State Manufacturing Index for May at 8:30 a.m. ET and the NAHB Homebuilders Index for May at 10 a.m.

Data on construction starts, jobless claims and sales of existing home are expected later this week.

The Federal Reserve will release the minutes of the April 27-28 meeting of the Federal Reserve’s Open Market Committee, its monetary policy body, on Wednesday.

Earnings reports are expected from Walmart this week (WMT) – Get the report, Home depot (HD) – Get the report, Lowes (LOW) – Get the report, Cisco systems (CSCO) – Get the report, Macy’s (m) – Get the report, Take-Two Interactive Software (TWO) – Get the report, Baidu (START) – Get the report, TJX Cos. (TJX) – Get the report, Goal (TGT) – Get the report, Applied Materials (AMAT) – Get the report, Kohls (KSS) – Get the report, Palo Alto Networks (PANW) – Get the report, Deere (FROM) – Get the report, Foot Locker (FL) – Get the report and Lordstown Motors (TRIP) – Get the report.

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3. – Elon Musk says Tesla didn’t sell bitcoins

Elon Musk said Tesla has not sold any of its holdings in Bitcoin.

Musk’s comments early Monday came after posting “Indeed” on Twitter on Sunday, in response to a post by another user who said, “Bitcoiners will slap themselves next quarter if they find out Tesla has the rest dumped her #Bitcoin holdings for the amount of hatred @elonmusk gets, I wouldn’t blame him … “

Musk’s ambiguous tweet on Sunday appeared to be fueling declines in Bitcoin, Ethereum, Dogecoin and other cryptocurrencies.

Musk said in a later tweet early Monday, “To clarify speculation, Tesla didn’t sell Bitcoin.”

Bitcoin, the world’s largest cryptocurrency, traded 9.63% to $ 44,685 on the last Check Monday, according to CoinDesk. It fell as low as $ 42,212 in the past 24 hours.

But those declines were based on previous declines that followed Musk’s abrupt criticism of the electricity used in digitally “mining” Bitcoin and after saying last week that Tesla would not accept Bitcoin for paying for cars.

4. – AT&T combines media assets with discovery

AT&T (T) – Get the report confirmed on Monday that it will merge its WarnerMedia business with Discovery (DISCOUNT) – Get the report.

Bloomberg and The Wall Street reported talks about the deal over the weekend.

As part of the merger, CNN, HBO and AT & T’s Cartoon Network will be placed side by side with those of Discovery’s HGTV, the Food Network and Animal Planet.

Discovery CEO David Zaslav will lead the new company.

The connection creates an entertainment giant that would better compete with other streaming media names like Walt Disney (DIS) – Get the report and Netflix (NFLX) – Get the report.

An AT&T spin-off of its media assets is a U-turn for the company that acquired Time Warner Inc. less than three years ago.

5 .– Gates is said to have been investigated by Microsoft before he left the board of directors

Member of Microsofts (MSFT) – Get the report Board ruled Bill Gates was forced to step down from the tech giant’s board of directors in 2020 as they conducted an investigation into the founder’s previous romantic relationship with a Microsoft employee that was deemed inappropriate, people familiar with the matter told the Wall Street Journal with.

A law firm was hired to conduct an investigation in late 2019 after a Microsoft engineer wrote in a letter claiming she had had a sexual relationship with Gates for years, people said.

During the investigation, some board members decided that it was no longer appropriate for Gates to serve as director of the software company. Gates resigned before the board’s investigation was completed and the full board could make a formal decision on the matter, said another person familiar with the matter.

Gates stepped down from Microsoft’s board of directors on March 13, 2020, three months after his re-election.

Gates and his wife Melinda announced earlier this month that they would end their 27-year marriage.

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