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Tuesday's Pre-Market: Gold, Elon Musk vs Twitter's ex-Exec's, Biden vs Trump, Ford sales are up, and Apple's EU Antitrust case.

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Mar 5, 2024
  • 2 min read

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Gold rises above $2,100 to highest level ever as traders bet on interest rate cuts


  • Gold futures for April settled at $2,126.30 per ounce, the highest level dating back to the contract’s creation in 1974.

  • When adjusted for inflation, gold set an all-time high of about $3,200 in 1980, according to Peter Boockvar, chief investment officer at Bleakley Financial Group.

  • “We’re still a ways away, which then also points to the potential upside,” said Boockvar, who believes gold will also test the inflation-adjusted record.


Former Twitter execs sue Musk and X for more than $128 million in severance


  • Former Twitter executives have filed a new lawsuit against Musk and X Corp., arguing that they are owed $128 million in unpaid severance.

  • In their complaint, lawyers for the ex-Twitter executives say that after Musk backed himself into a deal to buy Twitter, now X Corp., he took revenge against these executives personally, and tried to recover some of his expenses by “repeatedly refusing to honor other clear contractual commitments.”

  • The suit, Agrawal et al v. Musk et al, was filed in California’s Northern District.


Biden may be losing his favorability advantage over Trump, new polls suggest


  • Four large, new national polls show former President Donald Trump leading President Joe Biden among registered vote

  • The same polls show that Trump is also leading the 2024 popularity contest against Biden among voters, a signal that Biden has lost a key feature of his political persona: his likability advantage.


Ford sales jump 10.5% in February, led by gains in hybrids and EVs


  • Ford Motor’s U.S. sales jumped 10.5% last month compared with February 2023, led by increases in its hybrid and all-electric vehicles sales.

  • The spike in hybrid sales is part of Ford’s plan to double down on the technology. THe company said hybrid sales totaled 12,045 in February, including 6,463 units of its small Maverick Hybrid pickup.

  • Despite the increases in hybrids and EVs, 89.5% of Ford’s sales last month were traditional cars and trucks.


Apple hit with more than $1.95 billion EU antitrust fine over music streaming


  • The European Commission, the European Union’s executive arm, on Monday hit Apple with a 1.8 billion euro ($1.95 billion) antitrust fine.

  • The Commission said Apple abused its dominant position on the market for the distribution of music streaming apps.

  • In a fiery response to the fine, Apple said Spotify would stand to gain the most from the EU pronouncement.




 
 
 

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