Fanny packs and flower crowns... #FestivalSzn is back. Coachella, Cali’s most Insta-worthy music festival, returns for the first time in two years this weekend — launching what could be a blockbuster summer for live events. When the pandemic hit, the music stopped. Now it’s back with a vengeance, and people are ready to dance. Last year, some bookers sold a year's worth of tickets in six months. Concert giant Live Nation, a rival to Chella parent AEG, says ticket sales are up 45% from 2019 and predicts its best year ever.
Opening the vaults... Big banks kick off earnings season this week, giving investors the first peek at how an eventful first quarter affected corporate profits. Rising interest rates, which let banks charge more for loans, mortgages, and credit cards are expected to boost profits at JPMorgan Chase, Wells Fargo, and Citi. On the flip side, Citi and JPM expect big losses related to their holdings in Russia. And a dramatic slowdown in IPO and deal-making activity so far this year probably won’t help either.