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**__ Diplomatt’s Daily Digest – May 13, 2022__**
Good morning and happy Friday, everyone! Stock futures were higher early Friday morning as investors geared up for the S&P 500 to potentially slide into the official bear market territory. The stock market has been slumping for months, starting with high-growth unprofitable tech stocks late last year and spreading to even companies with healthy cash flow stocks in recent weeks. On Thursday, Apple fell into a bear market of its own, becoming the last of the Big Tech names to succumb to the sell-off.
The decline has wiped much of the rapid gains stocks enjoyed off their pandemic lows in March 2020. One reason that stocks have struggled in recent months is high inflation, and the Federal Reserve’s attempts to contain prices by raising rates. Fed Chair Jerome Powell told NPR on Thursday that he couldn’t guarantee a “soft landing” that brought down inflation without causing a recession. Developments in cryptocurrencies have also unnerved Wall Street this week, with bitcoin falling well below $30,000 and stablecoins struggling to hold their peg.

Quote of the week: “The secret of change is to focus all your energy not on fighting the old but on building the new.” — Socrates

**General News:**
• United Arab Emirates President Sheikh Khalifa bin Zayed al Nahyan has passed away.
• Elon Musk announced Friday that his Twitter deal is on hold until he receives more information about how many fake accounts there are on the social media platform.
• Robinhood shares pop more than 20% after the CEO of FTX, Sam Bankman-Fried, took a 7.6% stake.
• The U.S. will increase baby formula imports as part of an effort to ease a nationwide shortage.
• Mercedes-Benz is recalling 292,000 SUVs and advising owners of the vehicles to stop driving them until a potential problem, which could cause the power brake system to fail, can be fixed if needed.
• Florida gas prices rise to new all-time highs.
• Shares of online used car retailer Carvana surged amid a wild trading session in which several heavily-shorted stocks popped. The stock closed up 24.7%. Trading was halted at least four times Thursday. Carvana’s share price had hit a new two-year low earlier in the session.
• North Korea has announced an „explosive“ Covid-19 outbreak that has likely killed six people and infected more than 350,000, according to state media, prompting fears of an impending and deadly crisis in the isolated and impoverished nation.

**StockTwits Top 10 Trending Tickers of the Day:**
1. TWTR
2. AFRM
3. LUNA
4. OTRA
5. AMP
6. TSLA
7. STEM
8. MANA
9. JKS
10. INDI

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