**__ Diplomatt’s Daily Digest – April 22, 2022__**
Good morning and happy Friday! Stock futures were lower in early morning trading as the S&P 500 tried to avoid another losing week amid busy earnings and rising bond yields. The early morning action followed a dramatic reversal Thursday that saw major averages wiping earlier gains and closing lower. Weighing on sentiment Thursday was Federal Reserve Chair Jerome Powell’s comment on the possibility of a larger-than-usual rate hike for next month. Powell said during an International Monetary Fund panel that taming inflation is “absolutely essential” and a 50-basis-point hike is on the table for May. After reversing higher on Powell’s comments, the 10-year Treasury yield closed at 2.92% on Thursday. The 10-year yield was higher again on Friday, inching back up to 2.94%, near a three-year high. Meanwhile, the first-quarter earnings season continues in full force.
Quote of the week: “Ambition is the path to success. Persistence is the vehicle you arrive in.” – Bill Bradley.
• The Florida legislature passed a bill seeking to dissolve a special district that allows the Walt Disney Company to act as its own government within the outer limits of Orange and Osceola counties. The repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.
• SpaceX signed its first deal to add Starlink satellite internet to an air carrier’s fleet of planes with semi-private charter company JSX, as Elon Musk’s firm moves into the in-flight Wi-Fi market.
• Elon Musk predicts that Tesla’s humanoid robot will one day be the most valuable part of the company’s business.
• Snap missed Wall Street expectations for profit and sales, and forecast disappointing revenue growth in the current quarter, when it reported first-quarter results on Thursday. However, daily users grew 18% annually, more than expected.
• Warner Bros. Discovery is shutting down CNN+ on April 30, just weeks after the stand-alone streaming service launched.
• Gap Inc. announced Thursday that the CEO of its Old Navy division, Nancy Green, is leaving her post this week.
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