Weekly Stock Market Update 4/29/22 | Recession soon? & Elon Buys Out Twitter

#StockMarket #Recession #Economy
Nothing in this video is financial advice. This video is for entertainment purposes only!

The market is on its way to being the worst month since October of 2008 when we faced the financial crisis. With the Federal Reserve looking to tighten monetary policy even further, things aren’t looking too great for the market. Also in Q1, we seen a reduction in GDP which was the first time since early 2020 when the covid shutdown occurred. This means we are officially halfway to a recession. A recession can be defined as a reduction in GDP for two consecutive quarters.

This week the market was on a roller coaster as 160 companies in the S&P reported their quarterly earnings for Q1 this week. Overall the earnings weren’t as bad as you may expect. To see all of the companies that had their earnings this week, click on the link:

BTC and Ethereum continue to struggle to hold on to those key levels of $40,000 for BTC and $3,000 for Ethereum.

The Apes had another down week as AMC and GME got smacked down 6-8%.

This week we had breaking news that the Twitter board has officially accepted Elon Musk’s offer to buyout the social media platform for $54.20 per share. The valuation of the entire deal was about $44 billion. Elon has plans to restore the free speech on Twitter and to take the company private. In the process of buying twitter, on April 26th, Elon sold about $8.4 Billion worth of his Tesla shares to make the purchase. Many Tesla investors were concerned about this happening once he first talked about buying twitter and I am sure there was a good handful of people who though that this whole twitter thing was a big distraction for Elon. These reasons has caused additional selling pressure for Tesla’s stock. The good news is Elon Musk has came out and said that he will not be selling off any more of his shares as of right now.

To end the video I quickly remind everyone about the FOMC meeting that will be taking place next week on May 3rd and 4th. In that meeting, we are expecting to see a 50 basis point rate hike and other important information regarding the economy. If a 50 basis point rate hike comes to fruition, expect some fear and panic to flood the markets. This is a very important FOMC meeting coming up so make sure you don’t miss out on it. If you don’t want to sit for the whole meeting and listen to J.Pow talk for a few hours, Just stop by the channel because I will be making a separate video of all the details that the meeting consisted of so you don’t miss a thing.

Weekly stock market updates every week after the closing bell. In the mean time, stop by the channel for more videos on finances, business and the economy.

Please like and subscribe, the support means a lot to me!

Also, follow me on other platforms!

Twitter: https://twitter.com/Dustin_Misorski

Instagram: https://www.instagram.com/dustinmisor...

YouTube: https://www.youtube.com/c/DustinMisorski