- Reuters/Joe Skipper
Here is what you need to know.
The Fed is already looking very different under Jerome Powell than it did under Janet Yellen. Appearing on Capitol Hill on Tuesday, not only did Federal Reserve Chairman Jerome Powell appear much more confident about the likely benefits of recently enacted tax cuts, but he was also much more reluctant to answer questions about key social issues like inequality, race, and immigration.
Lithuania has a plan to benefit from Brexit. Lithuania is betting Brexit can help it become a global fintech hub, announcing in January that 117 fintech companies, employing 2,000 people, are operating in the country.
The new housing crisis is so bad that buyers are increasingly rushing to bid on places they’ve never seen. About one-third of people who bought homes last year said they had made offers on houses they hadn’t yet seen, a recent survey by Redfin found.
Bill Gates says cryptocurrency is “a rare technology that has caused deaths in a fairly direct way.” Gates, the world’s second-wealthiest person, said during a Reddit AMA on Tuesday that the ease with which people could anonymously buy drugs was a major problem, and he suggested that cryptocurrencies were used to launder money and fund terrorist organizations.
Amazon is spending $1 billion to buy a doorbell-camera startup that ‘Shark Tank’ rejected. The e-commerce giant has agreed to pay $1 billion for Ring, a doorbell-camera startup that the “Shark Tank” investors rejected in 2013, multiple media outlets report.
Facebook’s algorithm has wiped out a once flourishing digital publisher. Facebook’s recent algorithm tweak slashed traffic at LittleThings by 75%, causing its profit to plummet, the company says.
Snap slides back below its IPO price. Shares slid 4.51% to $16.32 on Tuesday, closing below their $17 initial public offering price for the first time since February 6.
Stock markets around the world are mostly lower. Japan’s Nikkei (-1.44%) was hit hard in Asia, and France’s CAC (-0.46%) leads the losses in Europe. The S&P 500 is set to open up 0.23% near 2,751.
Earnings reports keep coming. Lowe’s, TJX, and Valeant Pharmaceuticals report ahead of the opening bell, while Salesforce releases its quarterly results after markets close.
US economic data remains heavy. Gross domestic product will be released at 8:30 a.m. ET, while Chicago PMI and pending home sales are due out at 9:45 a.m. ET and 10 a.m. ET. The US 10-year yield is unchanged at 2.90%.