September 29, 2022

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Twitter has defied the downturn on Wall Street

Twitter has defied the downturn on Wall Street

US stock markets took a short Easter break with a free Good Friday and reopened on Monday, the second day of Easter.

Evolution was mixed after Monday.

After one hour, all three main indicators were positive, while during the day they turned into a noticeable decrease. In the end it ended in a cautious fall:

  • The Dow Jones Industrial Average fell 0.11 percent
  • The Nasdaq Technology Composite Index fell 0.14 percent
  • The broad S&P 500 index fell 0.02 percent

Stocks were expected in advance to open the week lower, as pre-trading indicated that benchmark indexes would fall between 0.2 and 0.4 percent.

Oil prices and inflation pressured

While stock markets in Hong Kong and Sydney were closed on Monday, almost all Asian stock markets fell on the first trading day of the week. This is despite the fact that Chinese GDP reports showed growth ended up somewhat higher than expected, at 4.8 percent versus the expected 4.6 percent. There is still a short way to go to meet the authorities’ target of 5.5 percent growth for the current year.

The recent outbreak of the coronavirus has clearly affected the country’s economy, and investors don’t like signs that GDP growth may be hampered by the pandemic.

Stocks in Europe were closed on Monday, and the ravages of war appeared to be better in oil prices, which remained at a high level. On Monday, the price was in the range of 110-115 dollars per barrel of North Sea oil.

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Mortgages increase in the United States

On Monday, Bank of America was the last major bank to report first-quarter results, and earnings per share of 80 cents came in higher than expected.

The turnover of $23.33 billion was slightly higher than the expected $23.2 billion.

At the same time, the bank’s net loan write-downs fell 52 percent from a year earlier, to $392 million, according to CNBC.

Bank of America gained momentum from rising interest rates and growth in mortgages, with the stock on Monday up 3.19 percent.

Musk’s offer to Twitter contributors?

By the way, the saga of Elon Musk and Twitter continues to unfold. According to a recent tweet from a high-profile Tesla boss, it points to a potential offer to Twitter shareholders CNBC.

In any case, many believe that the text “Love Me Tender” can be interpreted as such. Although it is the title of an Elvis Presley song, “Bid Offer” is the English term for an offer to purchase shares of some or all of the company’s existing shareholders.

Musk last week offered to buy Twitter for $54.20 per share, which he would value at about $43 billion, something the company itself is trying to counter with the so-called “poison pill”.

Twitter shares rose 7.61 percent on Monday to $48.51.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

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