5 things to know before the stock market opens on Tuesday, April 5

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street looks worse after two sessions of winning streak

Traders on the NYSE floor, April 4, 2022

Source: New York Stock Exchange.

U.S. oil prices continued to rise on Tuesday due to supply issues as the U.S. and its European allies considered new sanctions against Moscow over allegations of war crimes against Russian troops in Ukraine. West Texas Intermediate added 1% to more than $104 a barrel after a 4% gain on Monday broke a two-day decline.

2. Elon Musk will join the board of Twitter, voting with the tweet edit button

Tesla Motors founder and CEO Elon Musk during a press tour of the Tesla Gigafactory, which will produce batteries for the electric car maker, in Sparks, Nevada.

James Glover II | Reuters

Musk will join Twitter’s board of directors after acquiring a 9.2% stake in the social network. After being named to the board of directors, Musk teased in a tweet Tuesday that he would push for adjustments. Hours after revealing that bet, Musk posted a poll on Twitter on Monday night asking users if they wanted an edit button. More than 73% of the nearly 2.6 million respondents hit “yse,” which Musk misspelled to presumably emphasize that the ability to edit posts should be added to Twitter.

Twitter CEO Parag Agrawal retweeted Musk and urged people to “vote carefully” as the consequences “will be important.” The Tesla CEO’s investment, which made him Twitter’s largest shareholder, came after he said he was considering building a new social media platform.

3. Amazon signs a contract with three firms to launch Internet satellites

Artistic renderings of the companies’ rockets, from left to right: New Glenn, Vulcan Centaur, and Ariane 6.

Blue Origin / United Launch Alliance / Arianespace

4. EU to propose ban on Russian coal imports, sources say

French President Emmanuel Macron called on the EU to ban Russian coal as part of a wave of new sanctions aimed at further isolating the Kremlin.

Frank Rumpenhorst | Photo Alliance | Getty Images

5. Shanghai extends quarantine; Sub-option BA.2 72% of cases in the USA

In the last Covid events:

  • Coronavirus outbreak persists in China’s largest city “extremely gloomy” This was stated by the director of the Shanghai epidemic control working group. Much of eastern Shanghai, which was due to reopen last Friday, remained on lockdown along with the western part of the city.
  • The more contagious omicron BA.2 subvariant now accounts for 72% of Covid infections that have been genetically sequenced in the US, according to the Centers for Disease Control and Prevention. Last week, BA.2 became dominant in the US.
  • Senate Republicans and Democrats on Monday reached an agreement on $10 billion in additional Covid funding to buy therapeutics and vaccines and maintain the nation’s capacity for testing if the U.S. hits another wave of Covid. The amount is less than half of the $22.5 billion originally requested by President Joe Biden.

CNN correspondents. Yoon Lee, Samantha Subin, pippa stevens, Sam Shed, Michael Schitz, Vicki McKeever as well as Spencer Kimball and the Associated Press and Reuters contributed to this report.

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