Here are the most important news items that investors need to start their trading day:
1. Flat day
Stocks were little changed Monday while treasuries rose ahead of a key inflation report this week. The Dow Jones Industrial AverageS&P 500Nasdaq Compositelive market updates.
2. Settling
Teslalawsuit brought by the family of Walter Huang, an Apple engineer who died after his Model X SUV crashed into a highway barrier in 2018 with Autopilot features on. The NTSB previously investigated the incident and said Tesla’s driver assistance systems were partly to blame for the crash, in addition to possible driver distraction and road construction. The deal comes as jury selection and a trial were beginning Monday. Tesla filed to seal the terms of the settlement from public view.
3. Forgiven
President Joe Biden announced a new plan to forgive student debt on Monday. If enacted, all borrowers will get up to $20,000 of unpaid interest on their federal student debt forgiven. Some low and middle-income borrowers could have their entire interest canceled under Biden’s plan. In addition to canceling interest, the proposed rule will forgive the debt of those who have been in repayment for 20 years or longer on undergraduate loans or attended schools of questionable value.
4. Moving on
Binance’s new CEO Richard Teng said the cryptocurrency exchange has moved past cultural issues after paying a $4.3 billion fine to settle charges from the Justice Department. The DOJ alleged Binance used a move first, ask forgiveness later approach. Former CEO Changpeng Zhao pleaded guilty to charges last year and stepped down from the company. “In those very early stages of development … Binance was operating in a different fashion,” Teng told CNBC Tuesday. “But we have moved past that, as the company moved into regulatory maturity, [and] we are moving toward sustainability.”
5. Low spirits
Spirit Airlinesdefer deliveries of new aircraft and furlough about 260 pilots in an effort to boost liquidity. The deferrals of the Airbus aircraft are expected to increase the budget carrier’s liquidity by about $340 million over the next two years. The pilot furloughs will take place in September, according to the airline. The announcement comes as Spirit tries to convince investors it can boost liquidity as it deals with the grounding of many of its Airbus planes due to a Pratt & Whitney engine recall.
— CNBC’s Hakyung Kim, Yun Li, Lora Kolodny, Annie Nova, Ryan Browne and Leslie Josephs contributed to this report.
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