(KRON) – Loser: Stocks Slipping as Oil Drops and Yields Rise

Stocks are falling as bond yields continued to rise ahead of the start of earnings season.

Stocks in Asia were lower amid fears of the COVID-19 outlook in China, prompting growth and consumption fears.

Oil prices dropped 4.5% down below $94 a barrel.

The S&P has bounced 7.6% from its 2022 low about a month ago, but that recovery hit a speed bump when several Fed officials went Chicken Little over inflation.

Keep your eye on the 10-year yield, which has been on a tear and indicates that borrowing costs will rise across the economy.

Earnings season is back: JPMorgan, Wells Fargo, and other big banks kick off the first-quarter earnings season. Their profits are projected to have plunged from last year, when the economy was roaring back from the COVID-19 recession.

Inflation watch: the consumer price index is the highlight of a busy week for economic data. Inflation is expected to have jumped 7.9% from a year ago, which the Fed considers much too high.

Holidays! Passover begins at sundown on Friday night, and Easter is on Sunday. The stock market will be closed for Good Friday.

Warner Bros. Discovery (WBD) officially began trading. Warner Bros. Discovery is “well positioned to become a top-tier streaming competitor,” with HBO Max as the company looks to compete with established players in the space from Netflix and Disney+ to Apple TV+ and Amazon Prime Video.

Winner: Airlines Bulk Up on Staff and Cut Flights to Avoid a Repeat of Last Year

Spending on airlines is now above 2019 levels and spending is picking up. 

Despite rising fuel costs prompting surging flight fares, Americans are clinging to travel plans.

Eighty-five percent of Americans say they expect to travel this summer, 46% of them by air.

Booking a flight in 2021 was not the same as in 2021, when thousands of would-be travelers saw their flights canceled.

Airlines have faced staffing shortages, COVID outbreaks, and a revving up in travel demand in recent months.

TSA agents screened more than 2.3 million passengers Friday. That’s the second busiest travel day since the pandemic began.

Two weekends ago, airlines canceled 3,500 flights, with bad Florida weather adding to the stress.

This past weekend JetBlue canceled 300 flights.

Airlines are cutting back on flights. JetBlue has hired more than 3,000 but says it’s still understaffed and will reduce flights up to 10%

Loser: Elon Musk going “Game of Thrones” on Twitter

In a U-turn late Sunday, Elon Musk, Tesla CEO and the world’s richest person, announced he would not be joining Twitter’s board.

Just five days after announcing that Musk would become a director, the billionaire turned it down.

Musk has over 81 million followers. Twitter’s founder and former CEO Jack Dorsey said in 2016 that Musk was one of his favorite Twitter users.

In 2018 he agreed to a $20 million settlement with the SEC over an infamous tweet in which he said he was considering taking Tesla private.

Musk’s decision seems to have blindsided Twitter. This could signal a more aggressive approach from Musk toward buying Twitter stock.

This now goes from a Cinderella story with Musk helping move Twitter strategically forward, to likely a ‘Game of Thrones’ battle between Musk and Twitter.

As Twitter’s largest shareholder, Musk will likely have more freedom to publicly pressure it for changes.