Good morning, and here's to ringing in your Tuesday! Today is National Flag Day, and here’s what we have for you: Today’s Highlights
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S&P 500 index falls into bear market territoryAs of yesterday at 4 pm ET, the S&P 500 index has officially hit bear market territory. An index is considered to be in a bear market when it falls 20% from its high. When trading activity ceased on Monday, the S&P 500 closed down by over 151 points to sit at 3,749.63–a figure roughly 21% lower than its high of 4,796.56 on January 3rd, 2022. Historically, different events precipitated bear markets at different times. The most recent bear market in early 2020 was due to the onset of the Covid-19 pandemic and the ensuing economic contraction. Before that, the bear market between 2007-2009 was caused when the housing market imploded, leading to the Global Financial Crisis. Investors have sent the S&P 500 into its most recent bear market due to concerns around inflation–which currently sits at the highest levels seen in over 40 years–and the measures the Federal Reserve is expected to take to bring those levels down. |
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State Department officials meet with Phoenix Mercury about Brittney Griner’s detention in RussiaMembers of the State Department met with WNBA team the Phoenix Mercury regarding Brittney Griner’s detention in Russia and the Biden administration’s efforts to secure her release. 117 days ago, Brittney Griner–a player for the Phoenix Mercury–was detained at a Russian airport after authorities found vape cartridges containing a cannabis derivative while searching her bags. Last month, the State Department reclassified Griner as wrongfully detained, and her case was transferred to the State Department Presidential Envoy for Hostage Affairs (or “SPEHA,” for short). The State Department confirmed yesterday’s meeting with the Mercury, which involved officials from SPEHA, the specialized office that advocates for hostages and wrongfully detained American citizens. After the meeting, Phoenix Mercury head coach Vanessa Nygaard said, "It was great to hear from the State Department that we should continue to amplify that message and that we should continue to press all those who have any influence or power to help bring [Griner] home. She's our teammate, she's an American and we want her back home.'' |
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Elon Musk will participate in an all-hands meeting with Twitter employees on ThursdayElon Musk will participate in an all-hands meeting with Twitter employees on Thursday, according to Twitter CEO Parag Agrawal. The meeting will mark the first time the Tesla and SpaceX CEO will have spoken directly with Twitter’s workforce since he first announced his plan to purchase the company outright in April. Per an email that Agrawal sent to staffers yesterday announcing the meeting, the event will be moderated by Twitter’s marketing chief Leslie Berland, and employees can submit questions for Musk in advance. Not long after Musk proposed to take Twitter private in April, the board agreed to his terms, entering into a deal for the billionaire to purchase all the company’s outstanding shares for $54.20 each. Later, Musk said the deal was on hold over concerns about the accuracy of the number of spam accounts that it estimated on its platform. At the end of trading activity yesterday, Twitter share prices closed at $37.03, a figure $17.17–or 31.6%–lower than Musk's offer price of $54.20. |
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Around the Globe
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Question of the dayWhat is something you are completely obsessed with at the moment? Let us in on the secret here: Looking Back…On June 14th, 1940, the first transport of Polish political prisoners arrived at Auschwitz; it became Nazi Germany's largest concentration, extermination, and slave labor camp, where over one million people died. |
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