October 3, 2022

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Nasdaq leads the rise on Wall Street - E24

Nasdaq leads the rise on Wall Street – E24

US stock markets started falling on Tuesday, but have since reversed. The tech heavy Nasdaq continued the positive trend from Monday night.

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The three leading indicators all day started to fall, but throughout the afternoon the mood turned in a positive direction.

This is what it will look like after 7 pm:

  • The Dow Jones rose 0.09 percent
  • The Nasdaq Composite Index rose 0.90 percent
  • The S&P 500 rose 0.39 percent

Thus, the Nasdaq continues the positive trend from the previous day, after turning early from the decline to a slight higher at the close on Monday. That’s after a heavy week last week, when the tech index fell 4.5 percent.

The broad-based S&P 500 was also in the red on Tuesday, after five straight days of declines prior to that. Monday ended 0.14 percent lower for the index, but it was also much higher on the day.

The price of oil rose again on Tuesday, and the rally increased throughout the afternoon. Shortly after 7 pm, the price of a barrel of North Sea oil (burning spot) reached $83.66, up 3.28 percent on Tuesday.

Believe in technology buying opportunities

After the year started to fall, JPMorgan’s Marko Kolanovic believes there are opportunities to buy technology shares at the bottom of the Valley of Waves.

On Monday, he wrote in a note that the market could withstand higher interest rates as well as the omicron variable for the coronavirus, according to CNBC.

Pulling back from risky stocks in reaction to the Fed’s meeting minutes may have been overblown. The tightening of interest rate policy is likely to be done gradually and at a pace that risky stocks must contend with, and it is happening at the same time as a strong cyclical improvement, Kolanovic wrote.

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Federal Reserve Chairman meets in consultation

US Federal Reserve Chairman Jerome Powell will attend a hearing at the Senate Banking Committee on Tuesday. It’s part of the approval process before Powell embarks on a new four-year term as Federal Reserve Chairman.

During the session, Powell was aware that inflation was the central bank’s main focus, rather than helping create jobs or protect against a new downturn as a result of the coronavirus, he wrote. Reuters.

Inflation is much higher than the target. Economies do not need and will no longer have the policy adjustment that we had, Powell said, referring to the support measures the central bank has taken during the pandemic.

Powell also said that it will take some time to return monetary policy to normal, and that ending the pandemic measures should not have a negative impact on the labor market.

In November, President Joe Biden announced that Powell would be nominated for a new four-year term as CEO, and that Lyle Brainard would be nominated as deputy governor.

Markets saw a rough start to the year, after the minutes from the central bank’s last rate meeting gave indications of a faster rate hike than previously expected.

Freyr rises after joint venture

Battery company Freyr announced before the opening of the stock exchange on Tuesday that it had entered into an agreement with Alees Dan and the joint venture With an ambition to establish a plant for the production of lithium iron phosphate (LFP) cathode materials in the North region.

Production is scheduled to begin in 2024. The planned plant will be the world’s first gigacale LFP cathode plant outside mainland China, it is reported.

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Freyr is already building battery plants at Mo i Rana in Nordland. The Norwegian company was listed on the New York Stock Exchange last summer.

Freyr rises in the stock exchange after the news. After 7 p.m., the stock was up 3.40 percent.