It looked for a long time that the second trading quarter would end with a broad decline in New York, before the Nasdaq fully recovered at that moment. Trump Media has caused quite a stir following the adventurous pre-Easter listing.
This is what Wall Street's benchmark indices looked like at the close at 10:00 PM Norwegian time:
- The S&P 500 collective index fell 0.20 percent
- The Nasdaq technology index rose 0.11 percent
- The Dow Jones index fell by 0.61%.
On the last trading day before Easter, the broad S&P 500 finished the first quarter as its best since 2019.
The three most important indexes on Wall Street have left a strong quarter behind them, driven, among other things, by AI stocks and optimism about interest rate cuts from the US central bank.
They are all near record highs, and the Dow Jones is close to surpassing 40,000 for the first time. But in early trading, the index fell somewhat, and was never able to recover.
A barrel of North Sea oil (Brent spot price) is trading at the close at US$87.54 per barrel. There is an increase of 0.81 percent since midnight.
ISM numbers are positive for the first time in 17 months
New ISM figures for US manufacturing presented on Monday show that the index will enter above 50, more precisely 50.3.
The index has not risen since October 2022. Since then, there has been a decline for 16 months in a row, according to the American network CNBC.
The survey charts the outlook for companies in various parts of the industry across the United States. The numbers have a clear impact on the stock market, Bloomberg wrote, which also pointed to the fact that European markets are closed. Therefore, results on Wall Street are affected to a greater degree than usual.
The dollar rose in the wake of the latest numbers, which led to the krone weakening in parallel.
– The first interest rate cut by the Federal Reserve may come in the second half of the year. Jose Torres Interactive Brokers tells the news agency that the probability of a reduction in June is close to the krone, or coin, 50/50.
Trump falls hard
After an adventurous opening as a publicly traded company before Easter, the former president's Trump Media company fell sharply on Wall Street on Monday.
This decline comes as a result of recent documents sent to the US Financial Supervision Commission (SEC), which show a loss of $58 million. He writes CNBC Monday afternoon Norwegian time.
Figures show that trading volume last year was modest, amounting to $4.1 million. The company indicates that it expects to operate at a loss for the foreseeable future.
By 10 p.m., the stock finished down 21.5 percent.
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Record prices drive companies up
The record high price of gold helped push several gold companies higher on Monday. An ounce of gold now costs $2,235.
Barrick Gold shares rose 1.2 percent, while Royal Gold, which invests in gold, rose 0.5 percent.
These are good times for gold, says strategist Joseph Cavatoni at the World Gold Council of America CNBC.
He believes the drivers are optimism in the market and the belief that the Fed will cut interest rates soon.
Inflation rose somewhat
Price inflation in the United States rose as expected by 2.5 percent in February, as measured by personal consumption expenditures, the inflation figure that the US central bank believes is most important.
They give the Fed room to cut its key interest rate in the summer, Sarah Medgaard, chief economist at Handelsbanken, told E24 after the figures were published.
– She said that the market believes that there will likely be a cut in interest rates as early as June.
Core inflation was unchanged at 2.8%, as previously expected.
According to the market, there is now a 60 percent chance of a rate cut in June FedWatch from CME Group-a tool.
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