Fed’s Powell talks rates, Musk trolls Twitter, Buffett’s bank buy
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Inflation hit Walmart as customers spend less...
Walmart on Tuesday reported quarterly results that missed analysts' expectations.
The Arkansas-based retailer posted an adjusted $1.30 per share on revenue of $141.57 billion.
The home improvement retailer on Tuesday posted better-than-expected results in its fiscal first quarter.
On a per-share basis, the Atlanta-based company said it had net income of $4.09 on revenue of $38.91 billion.
Tesla CEO Elon Musk set a key condition for his pending $44 billion purchase of Twitter to go through: transparency on the number of fake or spam accounts.
Musk tweeted, "20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. My offer was based on Twitter’s SEC filings being accurate."
"Yesterday, Twitter’s CEO publicly refused to show proof of <5%," the Tesla CEO added. "This deal cannot move forward until he does."
Musk had responded to an article from Teslarati, which claimed that he may be seeking a better deal to acquire Twitter.
Cryptocurrency was trading higher early Tuesday morning after several days of losses.
Bitcoin passed the $30,000 plateau and was trading at nearly $30,500 (+2.22%) near 4:30 a.m., up approximately $650 per coin. It was down for the week by 1.08%.
Meanwhile, both Ethereum and Dogecoin were also higher, trading at about $2,081, higher by $60 (+3%) and trading at 9 cents (+2.52%) per coin, respectively.
Bitcoin is down for the past month by slightly more than 26%, while Ethereum was down by 34% and Dogecoin was down almost 40%.
U.S. stocks were in positive territory early Tuesday morning as some big-name companies are scheduled to release first-quarter earnings before the opening bell.
Walmart and Home Depot kick off a busy week for 1Q retail earnings reports as 460 companies in the S&P 500, or just over 90% of the benchmark index, have now posted January through March results, with the numbers coming in well ahead of forecasts.
The U.S. Commerce Department is due to release its retail sales report for April later Tuesday. Markets are trying to gauge how companies and consumers are dealing with higher prices and whether central banks can help ease the problem. On Wall Street, the major indexes have been slipping since early April.
On Monday the S&P 500 fell 0.4% to 4,008.01. It's coming off of a six-week losing streak. The Dow Jones Industrial Average eked out a gain, rising 0.1% to 32,223.42.
The average price for a gallon of gasoline in the U.S. rose to a record Tuesday morning, ringing up at $4.52, a four-cent hike, according to the latest numbers from AAA.
The price on Monday was $4.48 per gallon.
On Sunday, a gallon of gasoline nationwide cost $4.47 per gallon.
Saturday, that same gasoline cost $4.45.
In the last four days, the average price rose 7 cents.
The cost of health care is climbing rapidly for retired Americans.
A new estimate from Fidelity Investments released on Monday shows the average 65-year-old couple retiring this year can expect to spend an average of $315,000 in health care and other related medical expenses during their retirement. That's a sharp increase from last year, when Fidelity projected that most retired couples would spend up an average of $300,000.
Much of the increase this year stems from steeper Medicare Part B premiums for Americans age 65 and older. Medicare imposed a 14.5% increase on premiums for Part B, outpatient coverage, in 2022 – a record high and nearly double that of the national inflation rate of 8.3%.
On a monthly basis, retirees and older Americans are paying $170.10 for Medicare Part B premium, an amount that is typically deducted directly from Social Security checks.
But Americans don't necessarily expect to spend so much on health care in retirement, and often fail to allocate enough money, Fidelity found. Couples retiring this year anticipate spending just $41,000 on medical expenses – well below the $315,000 average; when survey participants were informed of the much higher figure, they were alarmed and did not feel prepared to cover those costs during retirement.
Oil prices hit its highest level in seven weeks on Tuesday, supported by the European Union's ongoing push for a ban on Russian oil imports that would tighten supply and as investors focused on higher demand from an easing of China's COVID lockdowns.
EU foreign ministers failed on Monday in their effort to pressure Hungary to lift its veto on the proposed oil embargo. But some diplomats now point to a May 30-31 summit as the moment for agreement on a phased ban on Russian oil.
Brent crude rose as high as $115.14, its highest since March 28, and by 0815 GMT was up 46 cents, or 0.4%, to $114.70. U.S. West Texas Intermediate (WTI) crude slid 26 cents, or 0.2%, to $113.94.
"Oil prices have remained near multi-week highs this week, supported by surging gasoline and distillate prices in the U.S., and fears around an EU ban on Russian oil imports remaining in play," said Jeffrey Halley, analyst at brokerage OANDA.Crude has surged in 2022, with Brent hitting $139, its highest since 2008, in early March as Russia's invasion of Ukraine exacerbated supply concerns.
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