Equities are lower in the early going, in part because of uninspiring earnings news. Gold, silver, and oil are all falling notably, while Treasury prices are down more modestly. The dollar is higher.
On the news front...
Tesla (TSLA) releases earnings after the bell today, but it’s already getting attention for cutting prices on its vehicles...again. Price cuts on the Model Y SUV and the Model 3 base car helped send the shares lower in early trading.
In other earnings news, Netflix (NFLX) reported slightly disappointing news, sending its shares modestly lower. The streaming company is also FINALLY ending its DVD shipping/rental business after 25 years. Morgan Stanley (MS) shares also dipped after investment banking revenue fell 24% in Q1.
Fox Corp. (FOX) agreed to pay $787.5 million to Dominion Voting Systems as part of a legal settlement. Dominion had sued Fox News for defamation, alleging on-air hosts and guests made false claims about the voting technology company around the time of the 2020 presidential election. While not as much as the $1.6 billion Dominion sought, the settlement was the largest-ever public payout for media defamation in the U.S.
Finally, United Nations data shows India has officially passed China as the most populous nation. The country has more than 1.4 billion inhabitants, and it is increasingly flexing its economic muscle globally. Problems with employment, education, and development remain, however, and analysts say India will have to solve them to achieve its full potential.