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• Bill Gates stake in Microsoft gained $2 billion in value on Wednesday alone
  A record daily price increase in Microsoft Corp. shares made...
  A record daily price increase in Microsoft Corp. shares made co-founder Bill Gates $2 billion richer.
  
  Gates remains one of the largest shareholders in Microsoft MSFT, +7.24%, with 103 million shares in the company that amount to a 1.38% stake, according to FactSet. After Microsoft’s stock price increased by $19.95 to $295.37 in Wednesday’s session, Gates’s Microsoft holdings are worth about $2 billion more.
  

  
  
  Microsoft shares, which advanced 7.2% in Wednesday trading, logged their best single-day percentage gain since Nov. 10, 2022, when they rose 8.2%. More significantly, the shares recorded a milestone when looking on an absolute basis they had previously failed to rise by more than $19.77 in a single session.
  
  
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• ☕️What Else is Brewing Thursday Morning
  Pope Francis will let women vote at an upcoming bishop’s meeting for the first time ever as part of...
  Pope Francis will let women vote at an upcoming bishop’s meeting for the first time ever as part of reforms aimed at giving laypeople more power in the Catholic Church.
  
  Ukrainian President Volodymyr Zelensky and China’s Xi Jinping connected on the phone for the first time since Russia invaded Ukraine. Zelensky called their conversation “long and meaningful.”
  
  Rapper Pras Michel, a former member of the Fugees, was found guilty of participating in a scheme to influence the US government backed by a fugitive Malaysian financier.
  
  Freddie Mercury’s upcoming estate sale at Sotheby’s will include his art collection, Fabergé clocks, and the original lyrics for “We Are the Champions.”
  
  Jacinda Ardern, the former prime minister of New Zealand and everyone’s parasocial bestie, is heading to Harvard in the fall to study online extremism.
  
  
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• First-quarter GDP climbs at 1.1% pace
  The numbers: The U.S. grew at a soft 1.1% annual pace in the first three months of...
  The numbers: The U.S. grew at a soft 1.1% annual pace in the first three months of this year, as strong consumer spending was offset by declining business investment. Wall Street analysts had forecast a 2% increase in gross domestic product, the official scorecard for the economy.
  

  
  
  Consumer spending, the main engine of U.S. growth, drove the economy forward in the first quarter. Outlays jumped 3.7%.
  
  Households got little help from businesses, however, and probably can’t expect much in the near future. Companies cut spending and reduced production, shaving 2.3 percentage points off headline GDP.
  
  
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• Pioneer’s Scott Sheffield to Retire
  For the second time in his career, Pioneer Natural Resources’ Scott D. Sheffield is...
  For the second time in his career, Pioneer Natural Resources’ Scott D. Sheffield is retiring as CEO of one of the Permian Basin’s premier oil-producing E&Ps.
  
  Sheffield is expected to continue to serve on the board following his retirement, the company said in an April 26 press release. Pioneer’s board named Richard “Rich” P. Dealy as the company’s next CEO, effective Jan. 1, 2024. Dealy has already been nominated for election to the board.
  
  Sheffield previously stepped down from the CEO role in 2016 when the company was worth $28 billion. Pioneer’s founding CEO returned roughly two years later, and Sheffield has since led the company to a $52 billion market capitalization through increased production, a focus on the Permian’s Midland Basin and a series of multi-billion dollar acquisitions.
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• Stocks closed mixed as tech leads the Nasdaq higher, but Dow loses almost 230 points
  U.S. stocks ended mostly lower on Wednesday as robust earnings from big tech companies boosted the Nasdaq...
  U.S. stocks ended mostly lower on Wednesday as robust earnings from big tech companies boosted the Nasdaq Composite, but concerns about First Republic Bank weighed on the broader market after the San Francisco-based lender revealed an exodus of deposits in March in the aftermath of Silicon Valley Bank collapse.
  

  
  
  • The Dow Jones Industrial Average DJIA, -0.68% was off 228.96 points, or 0.7%, to end at 33,301.87
  
  
  • The S&P 500 SPX, -0.38% lost 15.64 points, or 0.4%, to finish at 4,055.99
  
  
  • The Nasdaq Composite COMP, 0.47% advanced 55.19 points, or 0.5%, ending at 11,854.35
  
  
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