US stock markets showed a recovery on Monday after falling prices last week. The chip segment in particular did a good job. However, investors took a cautious approach ahead of the unofficial opening of a new quarterly earnings season later this week.
For example, major US banks Citigroup, JP Morgan Chase and Wells Fargo will publish their results on Friday. New inflation figures from the US will also be released on Wednesday. They will play a major role in the Federal Reserve’s interest rate decision later this month. The prospect of a recent interest rate hike by the Federal Reserve has caused a negative mood on the floor of the stock exchange.
The leading Dow Jones index ended its trading, gaining 0.6 percent, at 33,944.4 points. The broader Standard & Poor’s 500 index rose 0.2 percent to 4,409.53 points. The Nasdaq Technology Index advanced 0.2 percent to 13,685.48 points.
Attention also turned to US Treasury Secretary Janet Yellen’s visit to Beijing on Monday. Yelin was in China to promote relations between the two superpowers. Although her visit did not lead to any specific breakthroughs in trade relations between the two countries, Yellen spoke of fruitful talks.
Chip manufacturers have been able to take advantage of this. For example, Intel was up 2.8 percent and Qualcomm was up 1 percent.
Shares of Icahn Enterprises, the company of activist investor Carl Icahn, are up more than 20 percent. Investors dived into the stock after it was announced that the company had entered into new financing agreements with banks.
Meta Platforms rose 1.2 percent. The new themes app, which Facebook’s parent company wants to rival Twitter, already had more than 100 million users in the first five days after its launch. Threads broke ChatGPT’s record as the fastest growing chatbot. ChatGPT took 2 months to accumulate 100 million users.
Chinese online retailer Alibaba, also listed in New York, gained 3.2%. The Chinese authorities fined the Ant Group about 900 million euros. Investors hope this will end years of strict treatment of Alibaba’s financial arm by the Chinese government.
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