January 28, 2023

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Technology boom on Wall Street – Tesla is going up sharply

After the stock market rally on Friday, Wall Street opened with broad gains in the first trading day of the week.

  • The broad S & P 500 index rose 1.3 percent
  • The Dow Jones Industrial Average rose 0.8 percent
  • The Nasdaq Composite Technology Index rose 2.2 percent

Take the helm

Investors are eagerly awaiting the new inflation figures due to be released on Thursday of this week.

In Handelsbanken’s morning report on Monday, chief economist Marius Hof wrote that interest rate expectations fell significantly on Friday, and that the market now expects the Fed to “only” raise interest rates by 25 percentage points at the end of the month.

The tech-heavy Nasdaq is driving the rally in New York stock markets on Monday. With help from stock market giants such as Apple and Google owner Alphabet, both rose more than 2.5 percent after two hours of trading.

Tesla’s electric vehicle share had a terrible 2022, dropping 65 percent, but it did better in the new year, rising nearly eight percent on Monday.

low wage growth

Last week ended with a broad rally on Wall Street. The three major indices rose more than 2 percent on Friday, however, leaving the Dow Jones and the S&P 500 having their best week since November 2022.

In other words, the labor market report was well received by investors. Investors cheered that wage growth came in less than expected in December.

On the other hand, job growth was stronger than expected. 223,000 new jobs were created in the US in December, compared to an expected 202,000. (Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For additional terms look here.

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