Here are the key news highlights to kickstart investors’ trading day:
1. Market Pause:
After a significant rally, the stock market took a breather last week as all major U.S. indices retreated from recent highs. The Dow Jones Industrial Average fell 0.9%, marking its worst week since October, while the S&P 500 and Nasdaq Composite lost 0.3% and 1.2% respectively.
2. Bitcoin Surges:
Bitcoin reached a new all-time high, surpassing $71,000 on Monday. This upward momentum was supported by the U.K. enabling trading of cryptocurrency-related exchange-traded products, with the anticipation of bitcoin ETFs in the U.S. further boosting its value.
3. Biden’s Budget Focus:
President Joe Biden is emphasizing tax increases on corporations and the wealthy to strengthen his economic stance ahead of potential reelection. The release of the 2025 budget proposal on Monday reflects Biden’s priorities, proposing measures such as a 25% tax on unrealized income for the wealthiest households.
4. Reddit’s IPO Plans:
Social media platform Reddit aims to raise up to $748 million in its upcoming IPO, targeting a valuation of approximately $6.5 billion. With plans to sell around 22 million shares at a price range of $31 to $34 per share, Reddit’s public debut stands out amidst the subdued investor interest in IPOs this year.
5. Oscars Success for “Oppenheimer”:
At the 96th Academy Awards, the film “Oppenheimer” emerged as a major winner, securing seven awards including Best Picture, Best Director for Christopher Nolan, and Best Actor for Cillian Murphy. The acclaimed Universal production, focusing on the father of the atomic bomb, garnered significant acclaim at the prestigious event.
Source (CNBC)
