Here are the top news updates for investors gearing up for the trading day:
1. Positive quarter end:
Today marks the close of the short holiday week, with the S&P 500 showing a 10% increase for the quarter. This performance sets a strong pace for its best first-quarter gain since 2019, when it recorded a 13.1% rise.
2. Legal developments for Sam Bankman-Fried:
Today in Manhattan federal court, Sam Bankman-Fried is set to receive his sentence for his involvement in the collapse of the FTX crypto exchange. His legal team is seeking a reduced term of five to six years, contrasting the prosecution’s request for 40 to 50 years.
3. Significant investment by Amazon:
In a landmark move, Amazon is injecting $2.75 billion into Anthropic, an artificial intelligence startup, marking the company’s largest external investment in its 30-year history. This allocation follows a previous commitment by Amazon to invest up to $4 billion in Anthropic.
4. SEC lawsuit moves forward:
A notable legal victory for the SEC as a judge ruled in favor of allowing the agency to proceed with its lawsuit against Coinbase. This decision means that the case, which alleges unregistered sales of securities by Coinbase, could proceed to trial and be heard by a jury.
5. Home Depot’s major acquisition:
Home Depot has announced its acquisition of SRS Distribution for $18.25 billion, marking the largest purchase in the company’s history. SRS Distribution specializes in supplying products to landscaping, pool, and roofing professionals.
Source (CNBC)
