STOCK MARKET NEWS: Nasdaq leads selloff as Twitter shares tumble, inflation data on tap this week
Inflatio data, bank earnings and Twitter's future caputure investor interest as the week kicks off. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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Investors took a cautious tone ahead of inflation data due later this week pushing all three of the major market averages lower with Nasdaq Composite falling over 2%. Twitter shares fell 11% as the legal wrangling begins after Elon Musk bailed on the $44 billion deal. In commodities oil fell 0.7% to $104.09 per barrel.
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U.S. stocks fell across the board ahead of key inflation data and the start of the second quarter earnings season with the big banks set to report later in the week. Twitter shares fell as investors reacted after Elon Musk bailed on his $44 billion deal for the social media giant late Friday. In commodities, oil fell to the $92 per barrel level.
Twitter shares are down more than 5% in premarket trading on Monday following news that billionaire Elon Musk planned to walk away from his deal to purchase the company.
European markets opened on Monday as investors look to continue last week's success despite concerns over the global energy crunch, and additional COVID-19 cases in China, Reuters reported.
The energy sector is specifically looking at the Nord Stream I, the largest single pipeline that supplies gas from Russia to Germany, as it is set to undergo annual maintenance on Monday.
The maintenance will cause flows to stop for at least 10 days, but the ongoing war in Ukraine could extend this disruption.
Elon Musk responded to the latest major development in his ongoing feud with Twitter early Monday morning – tweeting out a meme of him laughing after Twitter reportedly lawyered up to sue him for moving to drop his $44 billion takeover of the company.
The post has a series of four photos of the Telsa founder laughing with captions that read: "They said I couldn’t buy Twitter; Then they wouldn’t disclose bot info; Now they want to force me to buy Twitter in court; Now they have to disclose bot info in court."
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