Newsletter May 19, 2022

3 things you must know

Wall Street suffers worst single-day meltdown since 2020
Stocks plunged Wednesday after disappointing earnings reports from retail giants raised fears of a looming recession and as the Federal Reserve takes action to control inflation. The decline comes after markets fell sharply on May 5, previously the worst trading session of 2022, as inflation -- particularly on food and gas -- continues to fuel fears among Americans. Investors are getting cold feet with all three major indices closing down at least 3.5%.
WHICH STOCKS WERE THE BIG LOSERS IN THE SELLOFF?

Majority of CEOs expect economy to slip into a recession
A recession may be looming over the horizon in the U.S. as inflation continues its ascent and measures to contain it have yet to bear significant fruit. For CEOs across the U.S., this does not foretell a promising near future. A survey of CEO confidence and found that nearly 60% said that they were expecting the economy to tip into a recession within the next few years. A recession is generally defined as a drop in GDP in two successive quarters.
WHY A RECESSION MAY BE IN THE CARDS FOR ECONOMY

Putting a price tag on Twitter may be a deal-breaker for Musk
Elon Musk's decision to place the acquisition of Twitter on hold on valuation counts raises anew the question of what's the social media pioneer's actual worth. The answer depends on the valuation model used. Guru Focus' intrinsic valuation model places Twitter's value at $60 per share. That's close to 60% higher than its current market valuation of $37 per share and close to 10% higher than Musk's offer to buy the company.
SEE HOW TWITTER'S VALUATION COULD KILL MUSK'S DEAL

Markets

DJIA	31,490.07	-3.57%
S&P 500	3,923.68	-4.04%
Nasdaq Composite	11,418.15	-4.73%
Japan: Nikkei 225	26,294.22	-2.29%
UK: FTSE 100	7,438.09	-1.07%
Crude Oil Futures	108.73	-0.78%
Gold Futures	1,813.60	-0.13%
Yen	128.41	0.14%
Euro	1.05	0.24%
* As of market close

US women's soccer scores ultimate goal

The US men's and women's national soccer teams will receive equal pay under new contracts that feature an unprecedented split of World Cup prize money, the US Soccer Federation announced Wednesday. The landmark collective bargaining agreements reached between the federation and its senior national teams will see US Soccer distribute millions of dollars more to its top players through increased match pay and revenue-sharing of ticket sales, sponsorships and broadcast deals.

SEE HOW MUCH PLAYERS WILL EARN UNDER THE NEW DEAL

Pets explode in popularity during pandemic

May is National Pet Month in the U.S., and new research has cast light on how Americans love to spoil their furry friends..The surge in the popularity of pets during the COVID pandemic saw 19% of Americans get a new pet during this period. One of the most surprising findings was that dogs are much more popular than cats -- 75% of American pet owners said they have a dog while less than half have a cat.

SEE THE BREAKDOWN OF PET OWNERSHIP BY AGE, GENDER

GrubHub flubs free lunch for New Yorkers

Delivery app GrubHub offered "free lunch" to New Yorkers on Tuesday but the promotion turned into a fiasco as the app did not give local restaurants all the tools necessary to prepare for the surge in demand. From the hours of 11 a.m. to 2 p.m. ET, GrubHub offered free lunch up to $15 for New Yorkers. However, a surge in demand left restaurants overwhelmed by 6,000 orders per minute during the three-hour window.

FIND OUT HOW MANY NEW YORKERS GRUBHUB LEFT HUNGRY

Naming cats and dogs

What are the most popular pet names for dogs and cats as of 2022?

Wednesday's answer: Home of the U.S. Space & Rocket Center, Huntsville, Alabama is nicknamed "The Rocket City" for its role in U.S. space missions, including Explorer 1, America's first satellite, in 1958..

IBTimes will always protect your security and privacy. Please read our detailed Privacy Policy. Please do not reply to this email. Click here to adjust your notification preferences or unsubscribe.Â