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Stock and oil futures tumble, Treasury yields rise, Bitcoin rises above $28K, Apple sees 40% drop in shipments, Bankruptcy report details FTX collapse, EPA preparing release of stricter vehicle emissions rules, and more financial news.
Stock futures were down considerably on Monday, as the Dow slid 112 points or -0.33%, the NASDAQ fell 116.5 points or -0.88%, and S&P 500 futures were down 24 points or -0.58%, Yahoo Finance reported.
In US treasuries, the benchmark 10-Year Treasury was up +0.008 for a yield of 3.391%, while the 2-Year Treasury advanced +0.017 for a yield of 3.989%, as of 9:22 AM EDT on Monday.
In oil futures, the benchmark Brent crude was down -0.49% and trading at $84.70 a barrel, while WTI crude also fell -0.42% to trade at $80.36 a barrel as of 8:23 AM CDT on Monday.
Bitcoin is on the rise again, topping $28K on Monday, up +1.27% to $28,262.90, with its momentum buoying either crypto. Ether was up +0.98% to $1853.80, while Doge-USD also advanced +1.3225% to 0.0829, Yahoo Finance reported.
Apple’s shipments of computers declined by 40.5% in the first quarter, the lowest among all PC makers, finding themselves with a glut of unsold inventory, Yahoo Finance reported. Among all computer makers, shipments slipped 29%, falling below the levels of early 2019. Apple shares fell 0.8% in premarket trading.
A 39-page debtors’ report filed to the US Bankruptcy Court for the District of Delaware, released on Sunday, detailed the failures of the imploded crypto exchange FTX. The report laid out a number of allegations it deemed responsible for the now-defunct entity’s collapse, Yahoo Finance reported.
“These individuals stifled dissent, commingled and misused corporate and customer funds, lied to third parties about their business, joked internally about their tendency to lose track of millions of dollars in assets, and thereby caused the FTX Group to collapse as swiftly as it had grown,” the debtors wrote. “While the FTX Group’s failure is novel in the unprecedented scale of harm it caused in a nascent industry, many of its root causes are familiar: hubris, incompetence, and greed.”
The Environmental Protection Agency (EPA) is reportedly preparing to release strict new federal emissions standards for light-duty vehicles that, if implemented, would decisively move the US car market toward electric vehicles over the next decade, CNN reported. The new standards could likely make up to two-thirds of new passenger vehicles sold in the US electric by 2032, according to a source familiar with the new proposed standards. The standards would reportedly begin in 2027 and incrementally increase through model year 2032.
