The S&P 500 index usually reaches its peak in September on today’s date. In addition, so-called “quadruple witching” can create extra volatility.
–
This is what the most important Wall Street indices look like around 16:00 Norwegian time:
- The S&P 500 falls 0.53 percent
- Nasdaq is down 0.55 percent
- The Dow Jones is down 0.30 percent
Shortly after the stock market opened, key figures show that consumer confidence in the US is rising, but slightly less than expected. The Michigan index rose to 71 in September, while 72 was expected in advance.
Historically important day
Friday is according to CNBC an important date in the US stock market as the last third of September is historically the worst period of the month.
The S&P 500 index usually reaches its peak on today’s date, 17 September, before falling beyond September.
CNBC also writes that there may be extra volatility in the final auction on Friday as there is so-called “quadruple witching” today, which involves the expiration of several options against shares and indices, as well as futures contracts against both.
According to Reuters, reproduced by TDN Direkt, the decline is due to higher interest rates as a result of yesterday’s unexpected rise in retail trade, which leads to more investors moving out of more tech stocks.
According to the news agency, the focus among investors is also on the Federal Reserve’s meeting next week, where it is being considered whether more strong economic figures this week could lead to the central bank shortening the timeline for reducing support for the economy.
“Norwegian” company continues to thrive
The technology company Forgerock, which was founded in Oslo, has its first trading day in New York.
Forgerock shares close up 46.4 percent on the first trading day Thursday. On Friday, the share rises another 10 percent from the start.
Since its inception in 2009, the company has built itself up to become a leading provider of technology for digital identity solutions, according to Shifter.
The customer list includes the BBC, BMW, Maersk, Thomson Reuters, Geico, HSBC, Philips and Toyota. Here in Norway, government institutions through MinID, Sparebank1 and Netbuss have been among the largest customers.
The company was started in Oslo in 2009, and in the entrepreneurial team of five there are two Norwegians: Hermann Svoren and Lasse Andresen.
The Norwegians are no longer involved in the company’s operational operations, but still hold at least five percent of the shares through the company Gravityrock, which has its address in Lysaker outside Oslo. It emerges from the stock exchange prospectus, which was published on Thursday, according to Shifter.
Last year, the company raised NOK 800 million in a share issue.
–
