The Dow Jones is on target for a record high of 40,000 points on Monday, but then the index must turn around. Trump Media falls sharply after the adventurous listing before Easter.
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Updated less than 20 minutes ago
The case is updated throughout the trading day on Wall Street!
This is what it looks like on the benchmark indices on Wall Street at 5.30pm Norwegian time:
- The collective index S&P 500 falls 0.27 percent
- The technology index Nasdaq is down 0.08 percent
- The Dow Jones is down 0.60 percent
On the last trading day before Easter, the broad S&P 500 index rounded off the first quarter as the best quarter since 2019.
All three of the most important indices on Wall Street have put a strong quarter behind them, driven by, among other things, AI shares and optimism about interest rate cuts from the US central bank.
They are all near record highs, and the Dow Jones is close to breaking above 40,000 points for the first time. In early trading, however, the index falls somewhat, and at the time of writing stands at 39,732 points.
A barrel of North Sea oil (Brent spot) currently trades for $86.86 a barrel. It is almost completely flat from midnight.
Strong Trump fall
After an adventurous opening as a publicly traded company before Easter, the ex-president’s Trump Media has fallen sharply on Wall Street on Monday.
The fall comes as a result of recent documents sent to the US Financial Supervisory Authority (SEC), which show a loss of 58 million dollars. That’s what CNBC writes on Monday afternoon Norwegian time.
The turnover last year was a modest 4.1 million dollars, the figures show. The company indicates that they themselves expect to operate at a loss in the foreseeable future.
Just before 17.45 Norwegian time, the share is down 15.7 per cent.
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Positive ISM figures for the first time in 17 months
Fresh ISM figures for industry in the USA presented on Monday show that the index will enter above 50, more precisely 50.3.
That the index turns up has not happened since October 2022. Since then, there has been a fall for 16 straight months, according to American CNBC.
The figures represent a survey carried out by the private sector against industry.
The survey maps the expectations of companies in various parts of the industrial sector throughout the United States.
Record prices send companies up
A record high gold price is helping to send several gold companies up after the opening of the second quarter of the year. An ounce of gold now costs $2.235.
Barrick Gold rose 1.2 percent, while gold investor Royal Gold rose 0.8 percent.
– These are good times for gold, says Joseph Cavatoni, strategist at the World Gold Council, to US CNBC.
He believes the drivers are the optimism in the market and the belief that the Federal Reserve will soon cut interest rates.
Inflation rose somewhat
Price inflation in the US rose as expected by 2.5 per cent in February, measured through PCE, which is the inflation figure the US central bank (Fed) believes is most important.
Senior economist Sara Midgaard at Handelsbanken told E24 after the release of the figures that it gives the Fed room to cut the key interest rate in the summer.
– The market believes that it is predominantly likely that there will be an interest rate cut as early as June, she said.
Core inflation came in unchanged at 2.8 per cent, exactly as expected beforehand.
The market now has a 60 percent chance of a rate cut in June, according to CME Group’s FedWatch tool.
