🚀 TikTok Foreign Ownership Ban Passed

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Market Overview
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Year To Date Performances:

1. The U.S. Senate has passed legislation that prohibits TikTok from being owned by its Chinese parent company, ByteDance, potentially setting the stage for a legal battle over free speech rights. This bill, which also includes aid for Ukraine, Israel, and Taiwan, garnered bipartisan support amid concerns about data privacy and the risk of Chinese propaganda. President Joe Biden is anticipated to sign the legislation, which gives ByteDance nearly a year to divest from TikTok before a ban is enforced. TikTok's significant U.S. presence has deep economic ties, impacting everything from content creators to small businesses.

2. Boeing reported a smaller-than-expected loss and cash burn for the first quarter, signaling improvements in its supply chain amid the 737 Max crisis. The company spent $3.9 billion, lower than the forecasted $4.5 billion. CEO Dave Calhoun, set to resign by the end of the year, acknowledged ongoing challenges in a memo to employees. The Federal Aviation Administration has limited Boeing’s production due to safety and compliance issues, leading to a slowdown in production rates and deliveries. Revenue in the commercial airplane division dropped 31% to $4.65 billion, while overall losses were slightly better at $355 million, or 56 cents per share, with adjusted losses at $388 million, or $1.13 per share. Total revenue fell 8% to $16.57 billion, exceeding expectations.

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4. Headlines

   1. Tesla is promising to release cheaper vehicles as it plans to recover after consistent sales declines over the past few quarters.

   2. A new law will require airlines to refund any cancelled flights.

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