Apple is weakening
US indices are rising to new heights
March 21, 2024, 11:05 p.m
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The Fed’s interest rate cut signals from the previous day are still having an impact: US stock markets continue to rise. The semiconductor sector is being boosted by surprisingly good Micron numbers, and Reddit is making a promising stock market debut.
A new rally in technology stocks and ongoing interest rate hopes are helping the US stock exchanges set new records. The three most important indices closed higher than ever before for the second day in a row on Thursday: The Dow Jones Index the standard values rose by 0.7 percent to 39,781 points, the broader one S&P 500 0.3 percent to 5242 jobs and the technology exchange Nasdaq 0.2 percent to 16,402 points.
A positive surprise in the quarterly report Micron had sent the entire sector soaring. The memory chip manufacturer’s shares closed with a gain of 14.2 percent. Investors’ euphoria after yesterday’s meeting of the US Federal Reserve continued. The monetary authorities led by Fed Chairman Jerome Powell signaled that the key interest rate is likely to fall by 0.75 percentage points this year – as investors had hoped. “The market is craving this type of information from its favorite areas of interest rates and AI,” summarized President Andre Bakhos of analysis house Ingenium.
Reddit asked on debut
The enthusiasm for technology also benefited Reddit. The shares of the US online forum achieved significant price gains on their stock market debut. The first price on Wall Street was recorded at $47, the shares were issued at $34. They closed 48 percent up at $50.44. “There aren’t that many big tech IPOs. And those tend to be very popular because this kind of growth is almost unheard of anywhere else,” commented Josh White, an assistant professor of finance at Vanderbilt University in Tennessee. Other experts were cautious: “We won’t know where we’re going until we see Reddit’s first financial report,” said Reena Aggarwal from Georgetown University in Washington.
The Apple stock On the other hand, a lawsuit was filed against the group due to allegations of anti-competitive behavior. The papers fell by 4.1 percent. The US authorities accuse Apple of exploiting its strong market position to obtain additional money from consumers, software developers, content providers and smaller companies. In recent years, the US government has also taken Alphabet subsidiary Google, Facebook parent Meta and online retailer Amazon to court.