Weekly Digest – July 12, 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Twitter set to sue Elon Musk

Twitter and Elon Musk are set to go to court, after the social media giant vowed to sue Musk over backing out of the $44 billion buyout deal.

Stock markets open low

U.S. stocks fell at the beginning of the week as investors prepared for fresh inflation data and corporate earnings that could influence the Federal Reserve’s path for interest-rate increases.

Canceled home sales in June at highest rate since before the pandemic

About 60,000 home-sale agreements fell through nationwide in June, according to Seattle-based Redfin. In some cases, interest rates rose as purchases were in progress, causing deals to fall through.

World’s largest asset manager cuts its stock market outlook

On Monday, strategists at BlackRock’s Investment Institute said they were cutting their exposure to developed market equities. They cite aggressive intervention by the Fed to tame rising prices across the global economy as the reason.

The dollar and the euro are almost at par

For the first time in 20 years, the exchange rate between the euro and the US dollar was nearly the same on Monday, less than one cent away from parity.

Electric car maker rumored to be scaling back

American electric automaker Rivian is considering laying off around 5 percent of its 14,000 employees, or around 700 people. The jobs were added as it scaled up and aren’t involved in manufacturing. No official announcement has been made.

Texans asked to cut back on power use to avoid rolling blackouts

In what was labeled as a “conservation appeal,” the Electric Reliability Council of Texas announced on Sunday that it would be asking Texans to voluntarily conserve energy during peak usage hours, between 2 and 8 p.m.

Americans feel that inflation will surge higher than ever

On Monday, a survey from the Federal Reserve Bank of New York showed that consumer expectations for where inflation will be one year from now climbed to another record high in June.

Where should you invest in times of inflation?

US News & World Report has rounded up 7 stocks that are good inflation investments. It can be found here.

Register for the IRS Nationwide Tax Forum by July 14

The 2022 virtual event is being held over a five-week period from July 19 through August 18 and features 32 webinars — including a keynote address by IRS Commissioner Chuck Rettig, updates on tax law, cybersecurity, practitioner ethics and more.

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