The last full trading week of the year started with the S&P 500 at its best level in nearly two years, and is now 1.2 percent away from hitting an all-time high. The S&P 500 has now closed higher for seven consecutive weeks.
On Monday, the S&P 500 rose 0.45 percent to 4,740.54, while the technology index Nasdaq rose 0.61 percent to
14,904.81 Industry-heavy Dow Jones ended flat at 37,305.93.
The volatility index – VIX – increased 1.55 percent to 12.47, while ten-year US government bonds ended at 3.91 percent. Equity strategist at Morgan Stanley, Michael Wilson, points out that The Fed appears to be shifting its focus from mainly fighting inflation to maintaining the already observed growth in the economy.
Movements
The battery company Freyr held an extraordinary general meeting on 15 December, and has now received the necessary number of votes to approve the move to the USA. The share rose 1.6 percent in the opening minutes, but ended down 3.19 percent.
Apple falls by 0.85 percent after news that it had to stop sales of the Apple Watch due to US import ban on blood oxygen sensors
Etsy’s share price rose nearly 5 percent after a significant decline last week, triggered by the announcement that the company is cutting 11 percent of its workforce as part of its restructuring plan to reduce costs.
Netflix experienced an increase of almost 2.98 percent percent after Morgan Stanley increased the price target to $550 per share.
Shares of FuelCell Energy Inc. received a significant boost Monday morning after the company announced a collaboration with Exxon Mobil Corp. to work with carbon capture. At the close, Fuel Cell’s shares had fallen by almost 1 percent.
US Steel shot up 26.2 percent after Japan’s Nippon Steel won the bidding round and bought the company for $14.9 billion in cash. Solar energy company SunPower, on the other hand, plummeted more than 30 percent after delivering a delayed quarterly report amid concerns about liquidity and doubts about the company’s future.
Adobe shares rose about 3 percent after the company ended plans to buy design tool Figma for $20 billion due to regulatory challenges and will pay Figma a $1 billion termination fee.
Apart from Apple, the technology companies had wind in their sails on Monday. Here’s how it fared for Facebook owner Meta, Amazon, Netflix, Apple and Alphabet (also known as the FAANG stocks):
- Facebook rose 2.90 percent to $344.62.
- Amazon rose 2.73 percent to $154.07.
- Apple fell 0.85 percent to $195.89.
- Netflix rose 2.98 percent to $486.12.
- Alphabet fell 2.41 percent to 135.80 dollars.
Oil
Oil companies saw a broad recovery with more than a 2 percent increase in crude oil prices, with Valero Energy, Marathon Petroleum and Diamondback Energy also increasing by more than 2 percent.
Brent oil increased 0.24 percent to 78 14 dollars per barrels, while WTI oil ticked up 1.72 percent to 72.66 dollars per barrel. barrel.
2023-12-18 21:00:51
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