Stocks open lower…Twitter shares rise…Media giant trades
NEW YORK (AP) – Stocks are lower again on Wall Street as the market extends a losing streak from last week. The S&P 500 was down 0.9% in the early going. Technology companies were again doing worse than the rest of the market. That pulled the Nasdaq down 1.5%. Both indexes fell last week for the first time in four weeks.
NEW YORK (AP) – Twitter is in focus after mercurial Tesla billionaire Elon Musk said he wouldn’t be joining the company’s board after all. The stock rose 0.6%. Musk recently became the company’s biggest shareholder and is now free to increase his stake.
NEW YORK (AP) – Shares of the new Warner Bros. Discovery media giant, the $43 billion combination of Discovery and the AT&T spinoff WarnerMedia, have begun trading. The bulked-up company combines the owner of storied film studio Warner Bros., TV networks including CNN, HBO and the streaming service HBO Max, with Discovery Inc., the parent of networks that focus on reality television like HGTV and its own streaming service, Discovery+.
UNDATED (AP) – The push to make personal protective equipment in the U.S. is running out steam after an initial surge at the start of the coronavirus pandemic. The Associated Press identified more than $125 million of governments grants to over 300 businesses in 10 states to spur production of masks, gowns, sanitizer and other pandemic supplies. But the AP found that many producers ran into troubles getting equipment, materials and reliable buyers. Many have scaled back, shut down or given up.
LONDON (AP) – The World Bank says Ukraine’s economy will shrink by 45.1% this year because of Russia’s invasion, which has shut down half of the country’s businesses, choked off imports and exports, and damaged a vast amount of critical infrastructure. The World Bank also says that unprecedented sanctions imposed by Western allies in response to the war are plunging Russia into a deep recession and will lop off more than a tenth of its economy in 2022.