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Hello. I'm Dave Sebastian, here with Tuesday's markets rundown.
Today's big event: Donald Trump's Truth Social is set to begin trading on the Nasdaq. Following a merger with DWAC, a shell company, Truth Social's parent company will trade under the ticker DJT.
Ahead of DJT's debut, U.S. stock futures edged higher in early trading. Earnings have slowed to a trickle, though McCormick and day-trader favorite GameStop are scheduled to report results.
Follow our live coverage throughout the day for the latest news affecting markets.
Meanwhile, our Amrith Ramkumar takes a closer look at Truth Social, and how the parent company's board has to decide on how soon the former president can tap his nearly $4 billion stake in the social-media platform.
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Stocks to Watch
Truth Social: Donald Trump's social-media entity is set to start trading Tuesday after its merger with shell company Digital World Acquisition Corp. $(DWAC)$ . Truth Social's parent, called Trump Media & Technology Group (DJT), rallied 17% in premarket trading.
Coinbase $(COIN)$ and MicroStrategy $(MSTR)$ : The crypto-linked companies' shares gained as bitcoin rallied back above $70,000.
Micron Technology $(MU)$ : The company's shares continued to climb premarket, after closing at a record high on Monday. The memory-chip maker is viewed as a key potential winner from the AI boom.
BuzzFeed $(BZFD)$ : Shares of the struggling media company fell 12% premarket after it reported that revenue slid last year, and forecast a double-digit decline for this quarter.
Food company McCormick $(MKC)$ and videogame retailer GameStop $(GME)$ are set to report earnings. Plus, UPS $(UPS)$ will hold an investor day.
WeWork $(WEWKQ)$ : Adam Neumann, the former chief executive and co-founder of the bankrupt co-working company recently submitted an offer to buy it back for more than $500 million .
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Trump-Friendly Truth Social Board to Decide When He Can Cash In
By Amrith Ramkumar
Donald Trump needs cash, and starting today he will see a huge pile of shares he owns trading on the stock market. The question is, how soon can he tap his nearly $4 billion stake in social-media platform Truth Social?
That is up to the board of Truth Social's parent company. The group includes his son, three former members of his administration and the former congressman who took a leading role in defending the former president in his first impeachment trial.
Truth Social's parent company is set to begin trading Tuesday under the ticker DJT, Trump's initials. Its market value will be roughly $6.8 billion, making Trump's approximately 60% stake worth nearly $4 billion.
The timing couldn't be better for Trump. On Monday, a judge ruled that Trump can pay $175 million to put his $454 million civil fraud judgment on hold during his appeal. Trump hadn't been able to get a bond to cover the whole judgment.
Keep reading .
The Wall Street Journal's Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of spying-a charge the Journal and the U.S. government vehemently deny. Follow the latest coverage , sign up for an email alert , and learn how you can use social media to support Evan.
Charting the Markets
U.S. electricity demand is likely to grow, after staying relatively flat since 2010. Drivers include AI-driven growth in data centers, the nearshoring of manufacturing, and the electrification of heating and transportation, writes Heard on the Street's Jinjoo Lee .
Boeing Chief Executive Officer Dave Calhoun will step down at the end of the year, having been in post since 2020. After Calhoun, the plane maker needs a clean break with the past, writes Heard on the Street's Jon Sindreu .
The price of gasoline has risen for four straight weeks. Analysts say spring may not provide a break .
Must Reads
Fallen crypto tycoon Do Kwon faced trial Monday on claims that he defrauded people who bought a cryptocurrency that collapsed two years ago, a crash that hurt investors around the world and caused other crypto firms to topple into bankruptcy.
Federal probes, sloppy factories, angry airlines, tense union negotiations and supply-chain snarls. Boeing's crisis won't end when David Calhoun exits as chief executive.
The European Union has launched investigations into Apple, Meta Platforms and Google parent Alphabet under its sweeping new digital-competition law, adding to the regulatory scrutiny large U.S. tech companies are facing worldwide.
More:
Read Jane Fraser's Latest Memo on Citi's Restructuring Detained Binance Executive Escapes From Nigeria China Rolls Out Welcome Mat for U.S. CEOs as It Nods to Its Economic Problems Fisker Says Deal Talks End, Adding Pressure to EV Maker This Day in Markets At a meeting in Geneva that started on this day in 1979, the Organization of the Petroleum Exporting Countries declared that its members would raise the price of crude oil, igniting another round of global inflation. About Us
We want to be the first place you go to get ready for the opening bell every day. This newsletter was written by Dave Sebastian ( @depsebastian ) in Hong Kong.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
March 26, 2024 06:21 ET (10:21 GMT)
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