The Federal Reserve approved its biggest rate increase since 2000. Investors joined Elon Musk’s deal to buy Twitter. Another inflation indicator comes out this week.
The Labor Department reported another solid month of job growth in April on Friday. The United States has regained nearly 95 percent of the 22 million jobs lost at the height of pandemic lockdowns. The labor supply has not kept up with job openings, and the labor force shrank unexpectedly in April. It had been unclear how Mr. Musk would carry out his financing plans, which included $21 billion of his own cash and a $12.5 billion loan against his shares in Tesla. The plunge dashed hopes of a quick recovery after April proved to be Wall Street’s worst month since March 2020.