Wall Street ended up gaining for the second consecutive day on Monday. As on Friday last week, the high-tech Nasdaq led the rally from start to finish.
This is how it ended up for the major indices on Wall Street on Monday:
- The technology-heavy Nasdaq index rose 2 percent
- The S&P 500 Composite Index rose 1.1 percent
- The Dow Jones Industrial Average rose 0.7 percent
Like the Nasdaq, technology stocks generally performed well on Monday. Apple, Meta, and Spotify enjoyed notable increases of 2.3 percent, 2.8 percent, and 2 percent, respectively.
Musk sent Tesla statement
In 2018, Tesla founder Elon Musk wrote in a message on Twitter that he was considering buying all outstanding shares of Tesla and canceling the company. Tesla’s stake soared, but it soon became clear that Musk hadn’t secured the money, and the acquisition hadn’t materialised.
On Monday, Musk reportedly said he believed a deal with the Saudi investment fund would be enough to take Tesla off the stock exchange. Reuters.
Tesla’s share ended up more than seven percent.
You bet tens of billions on artificial intelligence companies
Microsoft is expanding its partnership with the company behind ChatGPT called OpenAI, CEO of the tech giant Satya Nadella says on the company’s website.
Nadella doesn’t say anything about the exact value of the contract, other than that he’s executing a “multi-year, multi-billion dollar investment.” But according to bloomberg The investment should be ten billion dollars. On today’s price target, this corresponds to approximately NOK 98 billion.
ChatGPT, a language bot with artificial intelligence (AI), has attracted attention thanks to its ability to render texts much better than what computers were previously capable of. This is the third time that Microsoft has invested in OpenAI since 2019.
Microsoft’s share ended up up nearly 1 percent.
Interest rate decision next week
The next interest rate decision from the US central bank will not be released until Wednesday next week. In anticipation of this, the mood on Wall Street is somewhat predictable. to me CNBC The market is pricing in a 0.25 percent rate hike, while many are wondering if the rate trend will be less steep going forward, after several Fed spokespeople expressed support for caution and a moderate rate hike.
Concerns about a recession in the United States in 2023 and the country’s crippling national debt are two factors that continue to weigh on markets this week, Bloomberg writes.
While markets await Fed news, the stage is set for a batch of quarterly reports this week. to me CNBC About 40 percent of the companies on the Dow Jones index release their fourth-quarter numbers before the weekend.
Microsoft, IBM, Tesla, Visa and Mastercard are among the major companies providing numbers this week.
It will be particularly interesting for investors to see how companies assess the prospects for changes in inflation and interest rates in the future, He writes the newspaper.
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