Daily business briefing

Futures flat, Dow gains, S&P loses steam, Musk sells another $1 billion in Tesla shares, and more [Try 6 risk free issues of The Week magazine. Order now.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Futures flat, Dow gains, S&P loses steam amid mixed COVID news]( U.S. stock futures stayed roughly flat Wednesday morning, while the Dow Jones Industrial Average rose 90 points in its fifth consecutive day of gains. The S&P 500 saw a slight decline Tuesday after a four-day rise, and the Nasdaq Composite dipped 0.6 percent. Analysts say the market is resilient but uncertain in its response to mixed news about the COVID-19 pandemic. The record for daily coronavirus cases in the United States was broken Tuesday, but deaths are down compared to previous case record times as the apparently milder Omicron variant spread, and strict mitigation rules have mostly not been revived. [[CNBC]( [Reuters]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Futures+flat,+Dow+gains,+S&P+loses+steam+amid+mixed+COVID+news+&body=Read the story here: utm_campaign=business_briefing_newsletter_20211229&utm_source=business_briefing_newsletter) 2. [Musk sells another $1 billion in Tesla shares]( Tesla CEO Elon Musk has sold another 934,090 shares in the company, valued around $1 billion, per filings published Tuesday. Musk has said on Twitter he intends to reduce his Tesla holdings by about 10 percent and has nearly reached that goal. Following this sale, he still owns an estimated 15.6 Tesla million shares, together valued around $16.4 billion, and has just purchased "1.6 million Tesla shares at a strike price of $6.24 per share, granted to him via a 2012 compensation package," CNBC reports. Musk, who is also CEO of SpaceX, is the world's wealthiest person, with an estimated worth of about $275 billion. [[Bloomberg]( [CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Musk+sells+another+$1+billion+in+Tesla+shares&body=Read the story here: utm_campaign=business_briefing_newsletter_20211229&utm_source=business_briefing_newsletter) Sponsored content from Northern Trust [Research-based insights on proposed tax policy changes]( [Sponsored content from Northern Trust]( 3. [Forecast predicts surge, then drop in gas prices]( A new forecast from price tracking app GasBuddy, reported Tuesday, predicts the national average gas price will rise from its present rate of $3.29 to peak in May at $3.79 before dropping to $3.01 by this time next year. "We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon," Patrick De Haan, head of petroleum analysis at GasBuddy, told CNN. "The economy is hot. Demand has come roaring back. But supply is still catching up after getting cut greatly in 2020." [[CNN]( [The Week]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Forecast+predicts+surge,+then+drop+in+gas+prices&body=Read the story here: utm_campaign=business_briefing_newsletter_20211229&utm_source=business_briefing_newsletter) 4. [Elizabeth Holmes jurors continue deliberations]( Jurors in the fraud trial of former Theranos CEO Elizabeth Holmes completed a fifth day of deliberation Tuesday without reaching a verdict. The jurors, who sat through 14 weeks of testimony, will continue their deliberation Wednesday. Other high-profile white-collar cases in recent years have seen deliberations of two weeks or longer. Holmes faces 11 criminal charges and could be sentenced to as much as [20 years]( in prison. She is accused of defrauding investors in her medical startup as well as patients who used its blood testing services. [[Al Jazeera]( [The Associated Press]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Elizabeth+Holmes+jurors+continue+deliberations&body=Read the story here: utm_campaign=business_briefing_newsletter_20211229&utm_source=business_briefing_newsletter) 5. [LastPass denies claims of a breach]( Password management service LastPass on Tuesday denied claims it had been hacked, saying compromises of its users' passwords likely stemmed from "third-party breaches related to other unaffiliated services." "It's important to note that, at this time, we do not have any indication that accounts were successfully accessed or that the LastPass service was otherwise compromised by an unauthorized party," the company said. Speculation about a LastPass breach began Monday, with users reporting illegitimate login attempts from multiple locations with a correct master password. [[Apple Insider]( [Gizmodo]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=LastPass+denies+claims+of+a+breach&body=Read the story here: utm_campaign=business_briefing_newsletter_20211229&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Barack Obama says without Harry Reid's support, 'I wouldn't have been president']( Catherine Garcia [Related image]( [Dr. Oz, Oprah, and the TV doctor's run for Senate]( Brigid Kennedy [Related image]( [COVID hawks and doves can agree: We need more tests]( Noah Millman [Related image]( [10 things you need to know today: December 28, 2021]( Harold Maass [Related image]( [How the last 20 years changed what Americans eat]( Kemi Ingram [Speed reads banner] [Article image]( [The Book of Boba Fett has arrived. Here's what to know before watching the premiere.]( December 29, 2021 [Article image]( [In a 'major win,' 2 Sumatran tiger cubs are born at the Dallas Zoo]( December 29, 2021 [Article image]( [Prosecutor declines to seek criminal charges against Andrew Cuomo]( December 29, 2021 [Article image]( [U.S. breaks daily record for COVID-19 cases]( December 28, 2021 [Read more of today's best articles at theweek.com]( [Try 6 risk-free issues of The Week magazine]( [Unsubscribe from this list]( | [Privacy Policy]( © 2021 The Week Publications, Inc. All rights reserved. [The Week Logo]( [Follow The Week at Facebook.com]( [Follow The Week at Twitter.com]( [The Week magazine cover]( Try 6 Risk Free issues of The Week [Try it out]( [Try it out]( [Subscribe]( [Subscriber login]( [Give a gift]( [Classroom subscriptions]( [Newsletters]( [RSS]( [Ad info]( [Privacy policy]( [Terms & conditions]( [The Week UK]( [Customer service]( [Contact Us]( [Accessibility](