On Tuesday, we saw US equities close in positive territory, with the Dow up 0.28%, the S&P 500 up 0.10%, and the NASDAQ up 0.01%. The Russell 2000 also saw an increase of 0.54%. (How to buy NASDAQ stocks)
This saw the S&P 500 break a four-day streak of declines. Standout sectors for the day included energy, metals, and aerospace and defense.
Elon Musk announced that he will resign as Twitter's CEO but will retain control of the company's engineering teams. Musk said that he would resign when he found "someone foolish enough to take the job." This comes as the US FTC is reportedly intensifying its investigation into Twitter's privacy and data security practices following Musk's takeover.
Wells Fargo (NYSE: WFC) has been ordered by authorities to pay a penalty of $3.7 billion for illegal activities related to the mismanagement of mortgages, car loans, and bank accounts.
The European Union is currently conducting a regulatory review of Broadcom's (NASDAQ: AVGO) proposed $61 billion acquisition of VMWare.
3M (NYSE: MMM) has announced its plan to cease production of PFAS (forever chemicals) by 2025, a decision that may result in approximately $2.3 billion in charges. The US Environmental Protection Agency (EPA) has classified these forever chemicals as hazardous substances under the Superfund law. These forever chemicals have been used in a variety of consumer products, such as non-stick frying pans, water-repellent sports gear, stain-resistant rugs, cosmetics and countless other consumer products since the 1940s.
Finally, Sam Bankman-Fried, the CEO of cryptocurrency exchange FTX, is set to appear in court today for a hearing on his possible extradition to the United States to face criminal charges.
Dig a little deeper into the market update:
Musk says he'll be Twitter CEO until a replacement is found
Hearing on FTX founder's extradition to US set for Wednesday
Spurred by regulators, 3M to phase out "forever chemicals"
Explosion tears through Russian gas pipeline
Rite Aid (NYSE: RAD), Carnival (NYSE: CCL), and Cintas Corp. (NASDAQ: CTAS) report earnings today. Check out this week’s earnings preview.
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