Good morning! Here’s what you need to know in markets on Friday.
The United States launched a salvo of 59 cruise missiles on Shayrat airfield and nearby military infrastructure controlled by Syrian President Bashar al-Assad, in response to a chemical attack that killed at least 80 people in the northwestern part of the country on Monday. US President Donald Trump, initially resistant to the idea of becoming involved in Syria, said it was in the vital national security interest of the US to prevent the use of chemical weapons.
US stock futures and 10-year treasury yields have fell sharply in reaction to the news that the United States launched over 50 Tomahawk missiles from warships stationed in the Mediterranean targeting a Syrian airfield. The yield on 10-year government bonds fell below 2.3%, leaving it sitting at the lowest level since November last year.
Two men are facing charges for alleged insider trading ahead of Intel’s $US15 billion Mobileye acquisition. The SEC on Thursday said it won a court order freezing assets of Lawrence Cluff and Roger Shaoul, both of Richmond, after they generated more than $US925,000 of gains on Mobileye shares and call options purchased in the month-and-a-half before the March 13 merger was announced.
The stream of U.S. energy companies going public at the start of 2017 has dried up on concerns over the future direction of oil prices. Texas-based FTS International and Select Energy Services are among six U.S. energy companies that filed for listings in the first quarter but delayed, even after receiving the green light from local regulators, Thomson Reuters data showed.
Cloud security and identity management software developer Okta has priced its upcoming IPO. The firm will aim to sell11.0 million shares priced at $US17.00 per share, raising $US187 million in an IPO for a market value of $US1.5 billion
Larry Fink, the chief executive at BlackRock
, which with $US5.1 trillion is the world’s largest investor, thinks US stocks are overvalued. “We don’t have the tax reform that we’re expecting,” Fink told CNBC. “If we don’t see a true deregulation, I think the markets would have some setbacks there.”
Twitter shares slid following a report that cofounder and board member Evan Williams plans to sell up to 30% of his shares
. “After a year and a half of no selling, I have filed a new 10b5 — 1 plan to liquidate a minority of my TWTR over the next year,” Williams wrote in a blog post on Medium after Business Insider inquired about the sale.
Initial jobless claims in the USA, which count the number of people who applied for unemployment insurance for the first time in the past week, fell by 25,000 to 234,000. The four-week moving average was 250,000, a decrease of 4,500 from the previous week’s revised number.
The Czech central bank lifted its koruna cap on Thursday, after which the currency oscillated wildly before gaining ground. “The Bank has said little so far, other than that interest rates have been left unchanged and that it stands ready to intervene in the FX market if needed to prevent excessive currency moves,” William Jackson, senior emerging markets economist at Capital Economics, wrote.
Music streaming service Spotify is planning to go public this year, but a new report from The Wall Street Journal says the company isn’t planning a traditional IPO. Instead, The Wall Street Journal reports that Spotify is planning a direct listing in September which wouldn’t involve raising any new money. A normal IPO involves a company issuing shares of stock. But The Wall Street Journal reports that Spotify will instead simply register its shares on a public market.
More from Business Insider UK:
- US launches more than 50 cruise missiles at Assad regime airfields over Syrian chemical attack
- Congress is cautiously applauding Trump’s missile strikes against Syria
- WATCH: US Tomahawk missiles launching toward Syrian airbases
- The first round of the Masters captured in 29 gorgeous photos
- TRUMP: ‘Beautiful babies were cruelly murdered in this very barbaric attack’