1. Disney’s Ambitious Plans: $60 Billion Investment in Theme Parks
Disney aims to spend $60 billion over the next decade to expand its theme parks and Disney Cruise Line, a substantial increase from the previous decade’s investment. CEO Robert Iger sees the parks division as a crucial growth engine, with expected profits of $10 billion this year, compared to $2.2 billion a decade ago.
2. Instacart’s Strong IPO Debut: Shares Soar 12.3%
In its Nasdaq debut, Instacart saw its shares surge by 12.3%. Priced at $30, the stock reached $42.95 in early trading before closing at $33.70, giving the company a valuation of over $11 billion. This successful IPO reflects growing optimism in the market.
3. Tesla’s Musk Faces Probe Over Perks
Federal prosecutors in New York are investigating potential personal benefits provided to Tesla CEO Elon Musk. The probe, dating back to 2017, involves various issues, including a proposed house known as “Project 42.” Musk denies any such construction plans. The SEC is conducting a separate civil investigation.
4. Positive Outlook: Stock Futures Rise Ahead of Fed Decision
U.S. stock futures showed gains ahead of the Federal Reserve’s interest rate decision. Dow Jones and S&P 500 futures were up 0.2%, while Nasdaq futures rose 0.1%. Investors await the Fed’s economic projections for insights into its stance on inflation and potential rate hikes.
5. Huawei’s Persistence: Ships Surveillance Camera Chips Made in China
Huawei’s HiSilicon chip unit has begun shipping Chinese-made chips for surveillance cameras, signaling the company’s efforts to navigate around U.S. export controls. Despite restrictions imposed in 2019, Huawei continues to innovate with new technologies.
