Market Update: Musk, Twitter, Wells Fargo, Broadcom, 3M, SBF | Dec 21

By Kirsteen Mackay


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In today's market update, we look at the sectors propping up the markets, Musk's Twitter resignation, Wells Fargo loan violations, Broadcom, 3M and SBF in court.

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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If you enjoyed this market update, why not check out our Daily Stock Watch analysis?


In this article:

Bear Market
Information Technology
Wells Fargo

Author: Kirsteen Mackay

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Kirsteen Mackay does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Kirsteen Mackay has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of, has not been paid for the production of this piece by the company or companies mentioned above.

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