An ultimatum from the boss at Tesla. And a little relief at the gas pump for the Big Apple. Investors now expect the Fed to hike rates by a half-point in September. That led to a bond sell-off and a negative day on Wall Street.
The Dow lost 177 to close at 32,813
The Nasdaq fell 86
The S&P finished the day down 30.
Elon Musk is warning Tesla employees – return to the office or find another place to work. In the leaked email, Musk said “anyone who wishes to do remote work must be in the office for a minimum of 40 hours per week, or depart Tesla.” Twitter, which Musk is trying to buy, has said employees can work from home “forever” if they want.
“Brace yourself for an economic hurricane.” That’s the advice from JPMorgan Chase CEO Jamie Dimon. He says the Fed’s quantitative tightening and the Ukraine war will disrupt our nation’s economy for a while.
How about a little relief at the pump? You get some – *if you live in New York. The state is enforcing a gas tax holiday, removing 48 cents from each gallon pumped by drivers. National average right now – $4.67 a gallon.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.
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