1) Biden signs executive order to explore cryptocurrencies
The U.S. President Joe Biden signed an executive order calling on the Federal Reserve to examine the risks and benefits of cryptocurrencies. The measures focus on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation.
2) Amazon announces a 20:1 stock split
Amazon (NASDAQ: AMZN) announced its first stock split on Wednesday, stating that investors will receive 20 shares for each share they currently own. The stock surged 6.67% after hours.
Amazon also said the Board of Directors authorized a share repurchase program of up to $10 billion worth of shares.
3) Oil prices dropped more than 12% in hopes of output increase
Oil prices made a sharp plunge on Wednesday of western trading hours for more than 12% amid reports of an increase in oil output by Iraq, according to Reuters. The U.S. also signaled that UAE would support increased production if OPEC+ approve.
Brent crude closed 13% lower at $111.1 per barrel, while West Texas Intermediate dropped more than 12% to $108.7 a barrel.