Trump shares continue to rise
US stock markets continue rally
March 28, 2024, 12:17 a.m
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After the slight losses from the previous day, investors on Wall Street are taking the opportunity to get back in, and traders are still optimistic about the Fed’s future interest rate course. Trump shares climbed a whopping 14 percent on their second day of trading.
The US stock markets continued their upward movement on Wednesday. The Dow Jones Index the standard values closed 1.2 percent higher at 39,760 points. The technology-heavy one Nasdaq advanced 0.5 percent to 16,399 points. The broad one S&P 500 gained 0.9 percent to 5248 points. The day before, the three leading indices had reduced their initial gains and closed slightly in the red.
Above all, the prospect of long-term falling interest rates from the US Federal Reserve Bank has been driving the stock markets to new all-time highs almost continuously for weeks. Most recently, the monetary authorities kept the monetary policy course stable and signaled several interest rate cuts this year. Stock marketers are now waiting for further information on the exact timing of the first monetary easing. Analysts urged caution. “Director Christopher Waller could defy Fed Chairman Jerome Powell’s composure in his speech on Wednesday,” said Thierry Wizman, a strategist at financial services provider Macquarie.
Investors are also focusing on Friday’s data on personal consumption expenditure in the USA (PCE index), which is the US Federal Reserve’s preferred measure of inflation. The monetary authorities had combated the high rate of inflation with increased interest rates.
However, a sharp increase in US inventories and the prospect that the Opec+ cartel’s support policy will initially remain unchanged put pressure on prices Oil prices. The North Sea crude oil variety Brent and the light US variety WTI prices fell by around half a percent to $85.88 and $81.23 per barrel (159 liters). U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to data from the American Petroleum Institute. In addition, it is unlikely that OPEC+ will announce new production cuts at its meeting next week, Reuters learned from OPEC circles. Any changes to the current oil production policy are not expected until June. These two pieces of news have accelerated expected profit-taking following the recent oil price rally, commented Jun Rong Yeap, strategist at broker IG.
Cruise giant Carnival asked
The papers from technology companies like Marvell and Intel gained up to 5.9 percent. Former US President Donald Trump’s media company also continued to be in the spotlight after its brilliant stock market debut. The shares were placed at $49.95 Trump Media & Technology Group (TMTG) climbed more than 14 percent to $66.22 on its second day of trading.
Investors also took action at the shipping company Carnival to. The shares of the operator of the Aida cruise ships reduced their initial losses and advanced by around one percent. The Florida-based company posted record high bookings in the first quarter and raised its full-year outlook. Cruise lines are currently experiencing increased demand as many vacationers are booking cruises more often due to increased flight and hotel prices due to inflation.
The announcement of a partnership with the private equity company Blackstone provided support Moderna. The shares of the US pharmaceutical company advanced by a good three percent. Moderna said it is receiving $750 million in funding from Blackstone to develop its mRNA flu vaccines
On the other hand, the shares of the US video game retailer flew out of the depots GameStop, which slipped by around 15 percent after disappointing figures. Growing competition from online providers and more thrifty customers caused sales to collapse by around 20 percent in the past quarter.