Welcome back, readers. We hope you enjoyed the long weekend, a lot has happened since we last saw you! The EU agreed a deal on banning Russian oil, and the SEC has questions for Elon Musk.
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1. The European Union will impose a partial oil embargo on Russia. European leaders agreed a compromise plan to block more than two-thirds of Russian oil imports, after Hungary opposed a total ban.
The embargo intends to cut off financing for Russia following the invasion of Ukraine. EU officials have been trying to agree on a plan to curtail the country's energy imports for months, but reliance on Russian gas and oil in many EU countries had previously limited any progress.
But the EU reached a last-minute compromise, exempting all pipeline imports, which leaders hope will cushion the economic impact for several member states, including Hungary, Slovakia, and the Czech Republic. European Commission President Ursula von der Leyen said that by the end of the year, the embargo will cover 90% of Russian oil imports.
Crude oil prices were trading around their highest levels in two months on Monday as the crunch talks took place. Once an agreement was announced, prices soared even higher.
It comes as Russia's energy giant Gazprom on Tuesday cut natural-gas supply to the Netherlands, after Dutch trader GasTerra refused to pay in rubles. "To do so would risk breaching sanctions imposed by the EU," GasTerra said. Gazprom has already cut off gas supply to Poland, Bulgaria and Finland, as they have all refused to pay in the Russian currency — and Denmark could be next.
In other news:
2. US stock futures fell early on Tuesday. Meanwhile, oil prices soared on news of the EU's embargo on Russia. Here's the latest.
3. On deck today: Kirkland's, Salesforce, and HP Inc, all reporting. Plus, look out for President Joe Biden meeting with Fed Chair Jerome Powell to discuss the US economy later today.
4. A top-ranked manager said high-risk assets are "dead and buried". The president of a $225 billion wealth giant also said the housing market is set to slow. But he listed three reasons why it won't tip the US into a recession.
5. A Wall Street legend's 10 market rules are still relevant decades later. That's according to Bank of America — which said Bob Farrell's rules still apply as stocks buckle under soaring inflation and higher interest rates. These are the 10 rules to remember.
6. Gas prices have hit record highs — but don't expect Biden to lower them. The administration can only do so much, an oil analyst told Insider, because domestic maneuvers have little impact at the pump: "They've already used their biggest bullet."
7. Elon Musk is facing pressure from the SEC. The SEC has published a letter asking why a 13G filing announcing Musk's acquisition of 73 million shares — 9% of the company — "does not appear" to have been made within the required 10 days of the stake passing the 5% level.
8. Industry experts debated if these housing
9. These three VCs who just closed a $150-million Web3 fund shared how they are investing during the crypto-bear market. Ash Egan, Archetype's founder and general partner, told Insider the twofold thesis that guides how the firm invests. "We will be the highest-conviction investor on the cap table."
10. Dollar Tree just had its best quarter, even with $1.25 price tags. In other words, a change in the sticker price isn't scaring off shoppers. Instead, comparable sales in the quarter jumped by 11.2%, with consumers making fewer transactions but in higher totals.
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Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.