Zuckerberg’s fall, EBT’s tech case, reaction to Powell’s speech and more: Monday’s 5 things to know

Here are the main events that took place this week It can affect business.

Zuckerberg’s Controversial Rogan Appearance: Mark Zuckerberg’s appearance on Joe Rogan’s podcast last week sparked controversy after the CEO admitted that Facebook had withheld the story of the bombshell Hunter Biden’s laptop before the 2020 election because the FBI had warned him about “Russian propaganda.”

After the show aired on Thursday, the FBI “regularly informs US private sector entities, including social media providers, to determine how best to prevent threats.”

In a statement to Fox Business, the agency said it has provided external threat indicators to help companies protect their platforms and customers from abuse by malicious outside actors.

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The agency said it “works closely with federal, state, local and private sector partners to notify the public of potential threats, but the FBI cannot require or direct companies to act on information they receive.”

Meta said later Friday night that there was nothing new about the Hunter Biden laptop story.

“The FBI has shared general warnings about foreign interference — nothing specific about Hunter Biden,” the company said.

In the year In the last presidential election of 2020, both Big Tech and the liberal media suppressed a New York Post report that shed light on the shady foreign business dealings of then-candidate Joe Biden’s son.

Both Zuckerberg and then-Twitter CEO Jack Dorsey expressed regret for their actions in limiting the distribution of the Post’s report, and several news organizations, including the New York Times, Washington Post, NBC News and Politico, confirmed the laptop’s authenticity. .

See the technology issue for EBT recipients: On Sunday, the Supplemental Nutrition Assistance Program was cut across the country, preventing more than a million people from using their electronic benefits transfer cards to make payments at retail stores.

Agencies in Massachusetts and South Carolina reported on Sunday that customers were unable to make purchases with their EBT cards.

The South Carolina Department of Social Services said on Twitter Sunday that it was aware of the processing of EBT cards “because of an outage by a third-party processor impacting multiple state programs.”

The department tweeted that all systems had been restored, resolving processing issues.

Secret Service returns $286 million to SBA in fraudulently obtained Covid relief loans.

A sign indicating the acceptance of Electronic Benefits Transfer (EBT) cards, used by state welfare departments to issue benefits, is seen at a grocery store in Oakland, California on December 4, 2019. (Justin Sullivan/Getty Images/Getty Images)

The Massachusetts Department of Transitional Assistance tweeted that EBT card processing in the state was affected but has since been resolved.

Fox Business reached out to the United States Department of Agriculture for comment, but did not hear back.

In response to Paul’s speech In a highly anticipated speech on Friday, Fed Chairman Jerome Powell said the Fed should raise interest rates and keep them higher until inflation is under control.

His comments disappointed investors who had hoped inflation had peaked and the Fed would move to lower rates sometime next year.

Friday’s selloff snapped two straight weeks of losses for the major stock indexes and erased the market’s gains since late July.

Tech stocks, which were flying high earlier this summer, took a particular beating, with Amazon.com and Netflix both falling more than 4% on the day.

The Dow shed 1,008.38 points, or 3 percent, to 32,283.40, the blue-chip index’s biggest one-day drop since May. The S&P 500 fell 141.46 points, or 3.4%, to 4057.66. The tech-focused Nasdaq Composite slipped 497.56 points, or 3.9%, to 12,141.71.

The indicators changed little before the speech, then declined steadily throughout the session, with losses accelerating toward the closing bell. All three indexes fell more than 4% for the week, following an up-and-down ride as investors assessed the Fed’s complacency with economic data that signaled strength in the U.S. economy.

Federal Reserve Chairman Jerome Powell speaks during a news conference at the Federal Reserve Board building in Washington, Wednesday, July 27, 2022. (AP Photo/Manuel Balce Ceneta/AP Newsroom)

Powell’s comments at the Fed’s meeting in Jackson Hole, Wyoming, underscored how the central bank is preparing to shift from rapid and large rate hikes to one that is focused on reaching interest rates that reduce hiring, spending and spending. Growth, then stays at that level for some time.

Stocks rallied for most of the summer on hopes that the Fed could ease its inflation-fighting stance, a generally strong corporate earnings season and some encouraging data releases.

Labor market, income reports update Investors will get updates on the state of the labor market as several key reports are released throughout the week. Bed Bath and Beyond will also be closely watched as the retailer’s leadership outlines its next strategic steps.

Starting Tuesday, look for more second-quarter earnings reports to be released by several big names, including Baidu, Best Buy, Big Lots and Kirkland’s before the market opens and after the bell, including ChargePoint Holdings, Chewy, CrowdStrike, Hewlett-Packard Enterprise and PVH Corporation.

On the economic data front, investors look to the JOLTs report, consumer confidence and the FHFA and Case-Shiller home price indexes.

Five Below is a chain that sells products as low as $5. (iStock/iStock)

Look for more second-quarter earnings on Wednesday as Barnes & Noble Education, Brown-Forman, Chico FAS, Designer Brands, Express and Vera Bradley report earnings results before the market opens. Meanwhile, Cooper companies, under five, Nutanix and Okta will pay attention after the bell.

The revised ADP National Employment Report will be the main event for economic data on Wednesday. Investors combine weekly mortgage applications and Energy Information Administration’s weekly raw stocks.

Bed Bath & Beyond will provide investors with a “business and strategic update” during a conference call on Wednesday. The call will begin at 8:15 p.m. ET, and a press release and related materials will be released 45 minutes prior.

Rounding out the week before the market opens will be 1-800-Flowers, Build-A-Bear Workshop, Campbell Soup, Duluth Holdings, Hormel Foods, Hovnanian Enterprises, J. Jill, Lands’ End, Ollie’s Bargain Outlet, Signet. Jewelry and Toro. Look for results from Broadcom and Lululemon Athletics after the call.

Economic data on Thursday will be ISM manufacturing PMI, construction spending, vehicle sales, productivity and initial and ongoing jobless claims.

Friday will release the August jobs report and factory orders.

10-year bond higher: The yield on the 10-year note edged up 0.047 percentage point to 3.034 percent last week, while rates fell from 13/32 to 97 18/32.

Following a jump of 0.392 percentage points in the previous four weeks, the yield has now risen for four consecutive weeks.

The four-week yield gain is the longest since the market has advanced for four consecutive weeks since the week ending January 14, 2022.

The yield has now risen in seven of the past nine trading days.

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Meanwhile, the year-to-date yield rose 1.538 percent.