Oil prices fall on a weaker-than-expected growth forecast from China, Tesla slashes EV prices, and Amazon closes some cashierless stores to cut costs. Here’s what investors need to know today.
1. Oil Prices Fall on Weaker-Than-Expected China Forecast
Oil prices are lower following a lower-than-expected Chinese economic growth forecast. China said economic growth would come in at around 5% for the year, below market expectations of 5.5% growth for the world’s second-largest oil consumer. Light sweet crude is down 1.6% at $78.44 per barrel.
2. Tesla Slashes Prices, Again
Tesla slashed prices of its Model S and Model X in the U.S. for the second time this year. The cuts of $5,000 and $10,000, respectively, come as the company seeks to boost demand in the final month of the quarter.
3. Arm Could Raise $8 Billion From a U.S. IPO
Softbank’s chip designer, Arm, is expected to raise at least $8 billion from a U.S. initial public offering (IPO) later this year. The British chip designer is expected to file paperwork for the IPO in late April.
4. U.S. Senator Mark Warner to Introduce Bill Taking Aim at Foreign Technology
U.S. Senator Mark Warner said he is introducing a bill this week outlining an approach to prohibiting foreign technology in the U.S. like the popular video-sharing app TikTok. Warner says he is concerned about content and data privacy on the platform owned by ByteDance, which is based in China and privately held.
5. Amazon Closes Cashierless Stores in Some Cities
Amazon is closing its cashierless stores in New York City, San Francisco, and Seattle in the latest move at cost-cutting. Separately, the company said it would push back the start of construction for the next phase of its Virginia headquarters, months after the ecommerce giant announced plans to cut 18,000 jobs.