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 Tuesday, not only did Fed Chairman Jerome Powell appear much more confident about the likely benefits of recently-enacted tax cuts, 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 within 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 can anonymously buy drugs is a major problem, and suggested that cryptocurrencies are used to launder money and fund terrorist organizations.
Amazon is spending $1 billion to buy a doorbell-camera startup that was rejected by “Shark Tank.” The e-commerce giant has agreed to pay $1 billion for Ring, a doorbell-camera startup that was rejected by “Shark Tank” 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. GDP 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 respectively. The US 10-year yield is unchanged at 2.90%.
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