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Wall Street closed strongly last week, and several of the leading indices closed above three percent plus.
On Monday, all of the leading indices pointed slightly down again. This is what it looked like at closing time:
- The S&P 500, which consists of 500 of the largest listed companies in the United States, fell 0.3 percent.
- Industrial-heavy Dow Jones, which consists of 30 hand-picked supposedly important stocks, fell 0.2 percent
- Nasdaq Composite, which is dominated by technology stocks, fell 0.7 percent
Wall Street wavered from the start, and according to investment director Kristen Bitterly in Citi Global Wealth Management, the uncertainty will continue to affect the markets for a long time to come.
– We will continue to see volatility. I do not think we will turn a corner until the market knows that we have definitely avoided a recession. And we are not there yet, Bitterly says Bloomberg.
On the stock exchanges in Asia and Europe, there was a broad rise on Monday, including in Oslo.
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Robinhood byks
The stock trading platform Robinhood rose around 14 percent on the New York Stock Exchange on Monday night, after rumors that the crypto exchange FTX is considering placing a bid for the company. This was reported by Bloomberg News, which referred to sources with knowledge of the case.
FTX is one of the world’s largest crypto exchanges. Last month, it became clear that FTX CEO and dollar billionaire Sam Bankman-Fried had bought up to a 7.6 percent stake in Robinhood. The latter company also offers crypto trading.
Robinhood went public in the summer of 2021. The stock reached an all-time high of just over $ 70 in August of that year. On Monday night, the share was last traded for just over nine dollars, which prices the company at close to 7.6 billion dollars, equivalent to around 75 billion kroner at today’s prices.
The first half of 2022 is set to be the worst since 1970
The stock market is now entering the final days of the second quarter of this year, and potentially the worst first half of the year on US stock exchanges since 1970, according to CNBC.
In the US, the broad S&P 500 has fallen more than 18 percent before the end of the half-year sprint, while the technology-focused Nasdaq Composite has shaved off nearly 29 percent.
Olav Chen, Head of Allocation and Global Interest Rates at Storebrand, stated yesterday to DN that interest rates and inflation will require a lot of attention in the time ahead. He expects much more turbulent markets, and says that by the second week in July we will know what kind of tone this result season will be.
But the coming week has the potential to continue the upswing, many believe.
“A rally can continue into the July 4 weekend, and then the real show begins,” said Jimmy Chang, chief investment officer at Rockefeller Global Family Office. CNBCreferring to US Liberation Day when Wall Street is closed.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms se her.
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