**__ Diplomatt’s Daily Digest – April 1, 2022__**
Good morning, Happy Friday, and Happy April! Stock futures rose early Friday as investors assessed a new quarter of trading and a troublesome bond market recession indicator. The Dow Jones Industrial Average slumped on Thursday to close out the first negative quarter for stocks in two years, with losses accelerating in the final hour of trading. All three major averages posted their worst quarter since March 2020. Stocks, for now, shook off a recession signal from the bond market that was triggered after the closing bell Thursday. The 2-year and 10-year Treasury yields inverted for the first time since 2019. For some investors, it’s a signal that the economy is headed for a possible recession, though the inverted yield curve does not predict exactly when it will happen. History shows it could be more than a year away or longer. Other key indicators to watch out for include the ISM manufacturing index and the construction spending report, which will be released at 10 a.m. E.T. today.
Quote of the week: “Learn as if you will live forever, live like you will die tomorrow.” — Mahatma Gandhi
• Facebook parent Meta has lost some of its top artificial intelligence scientists this year as the company continues its pivot toward the metaverse. At least four prominent members of Meta AI have departed in recent months.
• President Biden will invoke the Defense Production Act to encourage domestic production of minerals required to make batteries for electric vehicles and long-term energy storage. It will also help the U.S. minimize dependence on foreign supply chains.
• GameStop shares surged 17% in extended trading after it announced it planned to implement a stock split. It will seek stockholder approval at its next shareholder meeting for an increase in Class A common stock from 300,000,000 to 1,000,000,000 to partly conduct a stock split in the form of a stock dividend.
• The CDC eliminated its pandemice3rf4ielated cruise travel health notices and all risk warnings associated with it. Off that news, Carnival Cruise lines have announced the company will be raising costs.
• The federal reserve warns of a brewing housing bubble in the U.S.
• Multiple U.S. lawmakers are urging the FTC to review Microsoft’s near $70 billion deal for Activision Blizzard.
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