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The Federal Reserve kept interest rates unchanged while the DEA moved to reclassify marijuana as a less restrictive Schedule III drug, expected to drive growth in the cannabis industry. In corporate news, HSBC CEO Noel Quinn stepped down after the bank's shares grew during his tenure, Boeing whistleblower Joshua Dean passed away after accusing the 737 Max of defects, and Apple announced a massive $110 billion share buyback despite a drop in iPhone sales.

Macro Recap:

Fed Chair Powell Announces Nothing as He Keeps the Interest Rates The Same (CNBC) (NYT)

Smokey Biden Says Yes To Marijuana (UT) (AP)  

Corporate World Recap:

HSBC Waves Farewell to CEO Noel Quinn (RT) (CNBC) 

Second Boeing Whistleblower Passes Away in the Last 3 Months (NPR) (UT) 

Apple Buys Back Record $110 billion in Shares After Declining Sales Quarter (RT) (CNBC)

Federal Reserve Chair Jerome Powell announced no change in interest rates, eliminating fears of stagflation and impacting the economy's outlook. The stock market's response was mixed; while the Dow Jones Industrial Average gained modestly, the S&P 500 and Nasdaq initially surged by over 5% but ended the day slightly below their starting points

Fed chair Jerome Powell: No sign of stagflation in US economy | NBC News

S&P 500, Nasdaq end lower after Fed rate decision, Powell press conference | Reuters
Fed meeting: Dow ends up slightly after Fed rate decision; Powell says next move unlikely to be rate hike | MarketWatch  

In a tragic display of violence, a routine attempt to serve an arrest warrant in Charlotte, North Carolina erupted into a deadly shootout, leaving four law enforcement officers dead - the single most devastating incident for U.S. law enforcement since the 2016 Dallas ambush. The standoff with the suspect, a convicted felon wanted on new firearms charges, lasted three hours as he rained gunfire on officers from a tactically advantageous position before being killed when a specialized team breached the home.

Four law enforcement officers killed in North Carolina, police say | Reuters 

4 law officers serving warrant are killed, 4 wounded in shootout at North Carolina home, police say | AP News 

4 officers killed in North Carolina were at disadvantage as shots rained from above, police say | AP News 
New details emerge after 4 law enforcement officers killed in shooting in Charlotte, North Carolina | CBS News

Ncuti Gatwa makes history as the first Black and openly queer 'Doctor Who', with the new season airing on May 11th. The 2024 Met Gala, featuring Taylor Swift and Travis Kelce, showcases 250 rare garments for “Sleeping Beauty” theme. Billie Eilish's world tour supports environmental justice missions. Johnny Cash's posthumous tracks stir controversy but gains popularity on social media. Zendaya's 'Challengers' surprises with a $15 million box office opening weekend."

The Bulletin Brief

Ncuti Gatwa makes history as next Doctor in “Doctor Who” (EW, Variety)

2024 Met Gala is coming up with star-studded attendees (News Week, Glamour)

Billie Eilish announces world tour with eco-friendly aspects (Pitchfork, Variety)

Johnny Cash’s posthumous album gains popularity while striking controversy (NPR)

“Challengers”, starring Zendaya, hits big in the box office (Rotten Tomatoes, Variety)

A series of violent tornadoes have wreaked havoc across Oklahoma, resulting in widespread destruction and the loss of four lives. The small towns of Sulphur and Marietta faced devastating impacts, with over 100 injuries reported in Sulphur alone, where buildings were torn apart and essential services disrupted. Governor Kevin Stitt declared a state of emergency, highlighting the scale of devastation as unprecedented during his tenure.

At least four dead after dozens of tornadoes strike Oklahoma | Reuters 

Tornadoes kill 4 in Oklahoma, leaving trail of destruction and thousands without power | AP News
At least 5 people, including infant, dead after night of tornadoes, storms in the Midwest | NBC News

The FTC has banned most noncompete agreements, sparking a lawsuit, while the Biden-Harris Administration's DOT mandates airlines to automatically refund passengers. Meanwhile, Tesla's stock declines amid recalls and layoffs, and Alphabet announces its first-ever dividend, boosting its shares.

Macro Recap:

FTC Bans Restrictive Noncompete Clauses  (FTC) (NYT)

New DOT Rule: Automatic Airfare Refunds (ABC) (NPR)

Corporate World Recap:

Tesla's Wild Stock Ride: From Lows to Highs (CNBC) (TV)

Biden Enforces TikTok Divestiture Law ​(AP) (CBS)

Alphabet Announces First Dividend, Huge Buyback (RT) (YT)

Boeing Reports $355M Loss Amid Safety Concerns (ABC) (RT)

After another turbulent week, Tesla finds itself facing a multitude of challenges including declining sales, a slumping stock price, and significant layoffs. With continuous chaos, Tesla’s stock took a massive hit Monday as it saw its seven consecutive days, reaching its lowest point since January 2023 and totaling a 43% drop this year. However, optimism within the company seems to be recently on the rise as the stock has rebounded and risen over 22% the remainder of the week.

Tesla cutting around 2,700 jobs in Austin and more than 3,300 in California as part of broad restructuring | CNBC

Tesla shares rise ahead of quarterly results | Reuters

Tesla shares tumble on price cuts in run-up to earnings | Reuters

Tesla to recall 3,878 Cybertrucks over faulty accelerator pedal, NHTSA says | Reuters

Wall Street wants answers from Elon Musk on Tesla's Model 2 car | Reuters

In a controversial move shaking up the American workforce, the Federal Trade Commission has banned most noncompete agreements nationwide such as restrictive contracts that have locked millions of workers into their jobs for years. After a deeply partisan 3-2 vote, this sweeping new rule will free around 30 million people from these mobility-restricting clauses, potentially reshuffling vast segments of the labor market. While supporters laud a long-overdue leveling of the playing field, major business groups vow to fiercely fight what they deem government overreach that will stifle competition.

US bans worker 'noncompete' agreements as business groups vow to sue | Reuters

U.S. bans noncompete agreements for nearly all jobs | NPR

FTC Bans Noncompete Agreements That Restrict Job Switching | WSJ 

Stormy Daniels alleges she had an affair with former President Trump in 2006 and received $130,000 in hush money before the 2016 election. The trial focuses on Trump's ex-lawyer, Michael Cohen, who claims Trump directed the payment, while prosecutors argue Trump falsified records to conceal a $420,000 reimbursement to Cohen. They allege Trump illegally influenced the 2016 election by silencing damaging narratives about his personal life. The defense contends no crime occurred and aims to cast doubt on the prosecution's case, citing unreliable witnesses like Cohen and Daniels. If convicted, Trump could face felony charges among the 34 brought against him.

Bulletin Brief

Stormy Daniels hush money payment (BBC)

Cohen’s role in falsified business records (Reuters)

The prosecution argues election interference, falsified documents (AP, WP, CBS)

The defense says no illegal activity, cites unreliable witnesses (NBC, NPR, ABC)

Taylor Swift’s newest album, ‘The Tortured Poets Department’ surprises fans with double releases and themes of heartbreak. Coachella 2024 wrapped up this past weekend with some positives and negatives, including Kid Cudi breaking his foot, Doja Cat making history as first female rapper headliner, and surprise performance from Camila Cabello. ‘Deadpool & Wolverine’ trailer dropped and assured fans that the third installment of the ‘Deadpool’ franchise will be just as raunchy as the previous two. A24’s film ‘Civil War’ remains at the top of the box office charts for two weekends in a row, with critics applauding the performances and storyline. Donald Glover, also known as Childish Gambino, revealed via social media that he is working on his final two albums, teasing potential features of big names. 

The Bulletin Brief

Taylor Swift’s newest album is full of surprises (Pitchfork) (Today)

Coachella 2024 wraps up with some highs and lows (NBC) (Variety)

‘Deadpool & Wolverine’ trailer drops (EW)

A24’s ‘Civil War’ maintains top spot in box office (Deadline)

Childish Gambino reveals final projects (Billboard)