1. The ups and downs of tech stocks

Tech stocks have fallen hard on inflation concerns and they’ll fall more with US inflation up a huge 4.2% overnight. US inflation in April surged at its fastest pace in more than 12 years. The economic recovery, the successful vaccination programme, supply problems because of the pandemic and oddities such as the Suez Canal blockage, has seen timber prices spike 124% and copper is up 36%. Inflation hurts tech stock prices but central bankers think this inflation is temporary, which if they’re right, will eventually help tech stocks.

2. Labor wants tax relief for higher incomes dropped

Tuesday’s Budget was largely well-received but the Labor Opposition wants the Government’s future tax cuts for higher income Australians dropped. Treasurer Josh Frydenberg says the temporary tax rebate for low- and middle-income earners, which could explain your coming tax cut, might be extended next year but must be stopped by 2024 to make way for bigger tax cuts, which will help higher income taxpayers, who have missed out on recent tax cuts. But Labor wants these tax cuts for higher income Australians dumped.

3. Another boost for Crown’s share price?

Casino business Crown could see another boost to its share price, with a new potential buyer hovering. Right now, US company Blackstone and local resort business Star have bids in for Crown. But now US-based Bain, which recently bought Virgin Australia, is said to be interested. Since Crown buyers put in offers, the share price is up 30% in two months!

4. Officials warn Americans not to fill plastic bags with petrol

Following the ransomware attack on the Colonial Pipeline last week that has seen some petrol stations in the south-eastern United States run out of fuel, the US Consumer Product Safety Commission issued a warning to panic-buying Americans to "not fill plastic bags with gasoline" and "use only containers approved for fuel". The Colonial Pipeline restarted operations on Wednesday afternoon local time and is expected to take several days to resume normal operation.

5. Dow and S&P 500 down by 2%

Inflation data hit the three major US indexes overnight. The Dow Jones fell 681.50 points or 1.99% to 33,587,66, its biggest fall since January 29. The S&P 500 was down 89.06 points or 2.14% to 4,063.04, with the worst performance for casino operators Penn National Gaming and Caesars Entertainment which were both down more than 8%. The Nasdaq dropped by 357.75 points or 2.67% to 13,031.68, making the index down 5.20% for the week so far.