Gasoline rises, British pound plunges and more: Monday's 5 things to know
Elon Musk will be deposed in his battle with Twitter as the social media company sues him to complete the $44 billion purchase
The Bahnsen Group founder and managing partner breaks down the impact of the 40-year high inflation on Americans on 'Maria Bartiromo's Wall Street.'
Here are the key events taking place on Monday that could impact trading.
GASOLINE: The average price for a gallon of regular gasoline in the U.S. is on the rise.
Monday's price rose to $3.725, up from Sunday's $3.417 a gallon, according to AAA.
The price started rising again in the past week, after declining for nearly 100 days in a row during the summer driving season.
GASOLINE PRICES RISE FOR A FIFTH STRAIGHT DAY
Gasoline prices are back on the rise in the U.S. (Paul Weaver/SOPA Images/LightRocket via Getty Images / Getty Images)
That makes it six straight days of increases that began on Wednesday morning, when the price ticked up to $3.681 per gallon from $3.674 the previous day.
The average price a week a go was $3.678. A year ago it was $3.188.
FED SPEAK: Several members of the Federal Reserve will make the rounds. Atlanta Fed president Raphael Bostic will participate in a Washington Post Live interview on the causes and impact of income and wealth inequality in the United States.
Cleveland Fed president Loretta Mester will speak on the economic outlook and monetary policy before Massachusetts Institute of Technology's (MIT) Golub Center for Finance and Policy Distinguished Speaker Series.
GOLDMAN SACHS SLASHES S&P 500 TARGET BY 16% AS FED RAMPS UP INFLATION FIGHT
Boston Fed president Susan Collins will also speak on strengths and challenges in the national and regional economy, the work of the Federal Reserve both nationally and in New England and her background and the work she plans to pursue before the Greater Boston Chamber of Commerce.
Tesla CEO Elon Musk with Twitter logo. (Getty images | istock / Getty Images)
MUSK QUESTIONED: The legal fight between Elon Musk and Twitter will be in focus as the Tesla chief executive is questioned under oath in a deposition that is slated to run through Sept. 27.
Twitter is suing Musk in the Delaware Court of Chancery in an effort to force him to follow through on his $44 billion acquisition of the social media giant. The legal showdown will kick off on Oct. 17.
Woman holds British pound banknotes in this illustration. (REUTERS/Dado Ruvic / Reuters Photos)
BRITISH POUND: Sterling tumbled to a four decade low on Monday on speculation the new government's economic plan will stretch its finances to the limit.
The pound dipped as low as $1.0349 per U.S. dollar early Monday but then rebounded to $1.0671, down 2.3%.
The Euro also touched a fresh 20-year low against the dollar on simmering recession fears, as the energy crisis extends toward winter amid an escalation in the Ukraine war.
Sterling fell 3.61% on Friday.
TOP PAYERS: A handful of large companies, such as Berkshire Hathaway Inc. and Amazon.com Inc., could take a hit from a 15% corporate minimum tax President Biden signed into law last month, according to the Wall Street Journal.
The University of North Carolina Tax Center analyzed securities filings to determine what companies would have paid if the tax had been in place last year. It was found that fewer than 80 publicly traded U.S. companies would have paid any corporate minimum tax in 2021, and just six would have paid half of the estimated $32 billion in revenue the levy would have generated.
The tax, which takes effect in January, is the largest revenue-raising provision in Democrats’ climate, healthcare and tax law.
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The provision, projected to generate $222 billion over a decade, alters tax incentives and complicates corporate tax decisions. Democrats aimed the provision at large companies that report profits to shareholders but pay relatively little tax.