Rise on Wall Street | FinanceAffairs.com

Rise on Wall Street |  FinanceAffairs.com

The US stock market rose on Monday, led by NVIDIA stock, which rose nearly 1 percent after a stock split. Other technology stocks were also strong in anticipation of the central bank's interest rate decision on Wednesday.

The strong jobs numbers released on Friday sparked a 0.15 percentage point increase for 10-year-olds. Now the market is only pricing in a rate cut in November, according to the CME FedWatch tool.

The 10-year bond yield rose to 4.467 percent, while the 30-year bond yield rose to 4.95 percent on Monday.

Sam Stovall, chief strategist at CFRA, told CNBC that inflation remains at high levels, creating ongoing market concerns.

“For me, the big concern is that the Fed hasn't gone far enough for long enough,” he told CNBC, adding that concern would likely keep markets from rising much in the near term.

On Monday, the Standard & Poor's 500 index rose 0.26 percent to 5,360.89 points, while the Nasdaq technology index rose 0.35 percent to 17,192.53 points. Industrial heavyweight Dow Jones rose 0.14 percent to 38,868.10 points.

The volatility index – the VIX – rose nearly 3 percent to 12.7.

GameStop

On Friday, GameStop surprised the market by submitting its accounting numbers for the first quarter of the year earlier than expected. Fasit showed a sharp decline in sales revenue, from $1.24 billion last year to $881.8 million. Profit after tax ended with a loss of $32.3 million, compared to a loss of $50.5 million in the same period last year.

On Friday evening, there was also great excitement about what GameStop analyst Keith Gill, known as “Roaring Kitty,” would say when he would publish a post on his YouTube channel. GameStop's share ended up falling nearly 40 percent. On Monday, the stock fell about 12 percent.

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movements

The largest technology companies have accounted for much of the US stock market's rise in recent years. The owner of Facebook Meta, Amazon, Netflix, Apple, and Alphabet (also known as FAANG stocks) had a good day on the stock market on Tuesday.

  • Facebook shares rose 1.96 percent to $502.60.
  • Amazon shares rose 1.5 percent to $187.06.
  • Apple shares fell 1.91 percent to $193.12.
  • Netflix shares rose 0.47 percent to $644.50.
  • Alphabet shares rose 0.43 percent to $175.01.

Apple was the only FAANG stock to decline on Monday. The company is holding its annual developers conference this week. During the Worldwide Developers Conference (WWDC), Apple presents news in technology and software.

Great excitement was expected about what they would say about artificial intelligence.

Apple products will now come with so-called “Apple Intelligence,” which has built-in AI functionality in collaboration with OpenAI, which developed ChatGPT. It will now be possible to use ChatGPT on iPhone through Siri.

Before the presentation, the share was slightly low at 0.7 percent, but afterward the share quickly declined by about one percentage point.

oil and gas

The August contract for West Texas Intermediate oil rose 3.12 percent to $77.89 per barrel, while Brent crude rose 2.75 percent to $81.81 per barrel.

The price of US natural gas rose 0.83 percent to $2.94 per barrel. Million British thermal units. The European natural gas price (TTF) rose by 3.63% to reach €34.42/MWh.

encryption

Bitcoin fell 0.11 percent to 69,659.00 points, while Ethereum fell 0.69 percent to 3,676.71 points.

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Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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