Newsletter Dec 15, 2022

3 things you must know

Wall Street dips after Fed raises rates and warns of more
Stocks fell Wednesday after the Federal Reserve raised interest rates 0.5% and hinted that more hikes are likely to curb inflation. Fed Chairman Jerome Powell said recent economic data showed inflation cooling, but cautioned that the central bank would need more evidence of a slowdown before it stopped aggressively raising interest rates. The 0.5% hike was widely expected and a downward departure from three consecutive increases of 0.75%.
SEE WHICH STOCKS SUFFERED THE BIGGEST LOSSES

SEC votes to advance major changes to stock market rules
The SEC voted in favor of some of the biggest changes to U.S. equity market structure in nearly two decades, aimed at boosting transparency and fairness while increasing competition for individual investors' stock orders. The proposals include requiring marketable retail stock orders to be sent to auctions before they are executed, allowing brokers to get the best possible executions for client orders, and lower trading increments and access fees.
SEC HAS MORE HURDLE BEFORE CHANGES TAKE EFFECT

Congress racing to regulate crypto in wake of FTX collapse
Senators pressed Congress to regulate cryptocurrency under existing financial rules, as lawmakers scramble to rein in the troubled industry after prosecutors filed criminal charges against FTX founder Samuel Bankman-Fried. Lawmakers generally agree that crypto firms should have greater regulation, but there are divergent views on exactly how the industry should be regulated.
SEE THE EXISTING LAWS CONGRESS HOPES TO APPLY

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Markets

DJIA	33,966.35	-0.42%
S&P 500	3,995.32	-0.61%
Nasdaq Composite	11,170.89	-0.76%
Japan: Nikkei 225	28,156.21	0.72%
UK: FTSE 100	7,495.93	-0.09%
Crude Oil Futures	77.35	0.09%
Gold Futures	1,819.60	0.05%
Yen	135.29	-0.13%
Euro	1.07	-0.05%
* As of market close

Twitter's cost cuts include not paying bills

In Elon Musk's efforts to cut costs, Twitter has not paid rent at any of its offices, and employees have been instructed to stop paying vendors, outstanding balances for private plane flights and severance packages. Reports say Musk instructed employees to stop paying vendors after obtaining a New Hampshire lawsuit that found it had not paid over $200,000 in private plane flights taken in October. It has also stopped paying rent for its offices, and recently listed office supplies such as kitchen appliances, furniture, and company memorabilia for auction.

FORMER CEO JACK DORSEY WEIGHS IN ON TWITTER'S WOES

Extreme storm packing tornadoes, snow

A swarm of tornadoes touched down across the South on Wednesday, continuing their path toward the East Coast today. A confirmed tornado hit the New Orleans area, killing at least one, injuring several and causing major damage. Also in Louisiana, the bodies of a mother and her son were recovered after a tornado destroyed their home. So far, at least 18 twisters were reported in Texas, Louisiana and Mississippi.

THE SAME SYSTEM IS BRINGING SNOW TO THE EAST COAST

First Super Nintendo World ready to open

Universal Studios Hollywood announced Wednesday that the first Super Nintendo World will open at its park on Feb. 17, 2023. The park features exhibits based on favorites from Super Mario Bros like Peach's Castle, Bowser's Castle, and a colorful Mushroom Kingdom. Attractions include a new high-tech ride based on the popular video game "Mario Kart: Bowser's Challenge," and "Toadstool CafÃ©" with a gourmet menu.

TAKE A SNEAK PEEK OF THE PARK BEFORE IT OPENS IN FEB.

Game over

Super Mario Bros is the top-selling NES game, but it's only No. 8 on the overall list? What is the No. 1 video game of all-time? How many units?

Wednesday's answer: "The Hotel Transylvania" trilogy makes up Adam Sandler's top three grossing films, earning over $1.36M from the series.

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