**__ Diplomatt’s Daily Digest – March 23, 2022__**
Good morning and happy Wednesday, everyone! U.S. stock futures dipped in early morning trading as investors continue to digest revelations from the Federal Reserve on inflation and the latest news on the Ukraine-Russia war. Oil prices ticked higher on the day, with U.S. crude gaining 1.6% to $111.07 per barrel. Wall Street is coming off a strong session in which the Dow jumped more than 250 points, and the S&P 500 climbed 1.1%. Those gains came as investors evaluated recent comments from Fed chief Jerome Powell. Also, the benchmark 10-year U.S. Treasury yield hit its highest level since May 2019 at 2.39%. The S&P 500 is only 5% off its record and has surpassed its 50-day and 200-day moving averages. Another thing to keep an eye on is that the famed activist investor Carl Icahn said an economic downturn could be coming.
Quote of the week: “People who are crazy enough to think they can change the world are the ones who do.”- Rob Siltanen
• Ukrainian President Volodymyr Zelenskyy said 100,000 people are trapped in the port city of Mariupol, saying they’re under a “complete blockade” and suffering “inhumane conditions.” Zelenskyy also called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.
• Tencent reported its slowest quarterly revenue growth on record for the fourth quarter of 2021, as the Chinese technology giant continues to feel the impact of Beijing’s regulatory tightening on the domestic technology sector.
• Shares of Chinese internet giants in Hong Kong soared Wednesday, continuing an upward trek that started around a week ago amid hopes of easing regulations.
• One of the externalities of Russia’s invasion of Ukraine is that corn and wheat prices could continue to rise.
• SpaceX has sent “thousands” of Starlink satellite internet kits to Ukraine in an effort to provide internet to the war-torn country.
• GameStop chairman Ryan Cohen just bought another 100,000 shares of the video game retailer on Tuesday, bringing his ownership to 11.9% as the activist investor tries to push the company into e-commerce. The meme stock jumped as high as about 20% in after-hours trading after a 30% rally during the regular trading session.
• Transportation Secretary Pete Buttigieg announced the administration was ready to dole out $2.9 billion in grants for state and local bridge, road, and other infrastructure projects. This grant is a part of the bipartisan $1trillion infrastructure bill signed into law about four months ago.
• Pfizer Inc. is recalling a blood pressure drug due to elevated levels of a potentially cancer-causing impurity.
• Ford is recalling nearly 215,000 pickup trucks and large SUVs in the U.S. and Canada because brake fluid can leak, causing longer stopping distances.
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