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• ☕️What Else is Brewing Wednesday Morning
  Investment banking is so back (almost). All of the...
  Investment banking is so back (almost). All of the biggest banks have reported their first-quarter results, and their earnings have been as good as, if not better than, expected. Higher interest rates ate into the spoils—Bank of America reported yesterday that its profit dropped 18% compared to the same period last year—but investment banking arms did well, especially since many banks increased their fees, and dealmaking and IPOs started to pick up again. But despite perking up, investment banking activity is still below where it used to be. Strong consumer spending also helped banks out, with credit card income rising and people and businesses continuing to need loans.
  
  One America News Network settled voting technology company Smartmatic’s lawsuit over claims the network made about its machines in the 2020 presidential election.
  
  USC canceled a valedictorian speech by a student who had publicly supported Palestine, citing safety concerns.
  
  A second member of Congress has signed on to the effort to oust House Speaker Mike Johnson as he tries to get aid for Ukraine and Israel passed.
  
  Volkswagen employees will begin voting today on whether to join the United Auto Workers in the first big test of the union’s power since it won favorable contracts from Detroit’s Big Three manufacturers.
  
  Update on your high-school date spots: TGI Fridays is going public through a merger with its UK franchisee, and Red Lobster is considering bankruptcy to deal with its debt.
  
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for May delivery ...
  Benchmark U.S. crude oil for May delivery fell 5 cents to $85.36 per barrel Tuesday. Brent crude for June delivery fell 8 cents to $90.02 per barrel.
  
  Wholesale gasoline for May delivery rose 4 cents to $2.82 a gallon. May heating oil was unchanged at $2.65 a gallon. May natural gas rose 4 cents to $1.73 per 1,000 cubic feet.
  
  
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• Dow ends higher to snap six-session skid as Powell warns of delay on rate cuts
  U.S. stocks ended mixed on Tuesday after a volatile session fueled by...
  U.S. stocks ended mixed on Tuesday after a volatile session fueled by rising bond yields and fears that the Federal Reserve may need more time before it can pivot to rate cuts.
  
  The Dow Jones Industrial Average rose about 63 points, or 0.2%, closing near 37,798, well off the session's high.
  
  The S&P 500 index fell about 10 points, or 0.2%, finishing near 5,051.
  
  The Nasdaq Composite Index shed 19 points, or 0.1%, ending around 15,865.
  
  
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• Kansas Fed: Midwest oil, gas downturn persists in Q1
  The Federal Reserve Bank of Kansas City's first-quarter energy survey...
  The Federal Reserve Bank of Kansas City's first-quarter energy survey found that drilling and business activity in Oklahoma, Colorado and northern New Mexico declined for a fifth consecutive quarter, with expectations of further slowdown over the next six months. Survey respondents believe industry consolidation will temper production growth even with West Texas Intermediate prices well above the $65 per barrel threshold for profitable drilling.
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• Panama announces land-based route to beat canal drought
  Authorities in Panama are working on a workaround to keep goods flowing...
  Authorities in Panama are working on a workaround to keep goods flowing between the Pacific and Atlantic oceans through the Panama Canal after restrictions on traffic were imposed in response to recent drought conditions. The so-called Multimodal Dry Canal project uses existing transportation infrastructure such as roads to create a land-based alternative to the canal in a bid to reduce congestion
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