Tuesday, May 21, 2024
HomeTrading RoomBefore Monday's Stock Market Opens, Here Are Five Things to Know

Before Monday’s Stock Market Opens, Here Are Five Things to Know

To begin their trading day, investors should be aware of the following key news items:

1. Market Volatility: Last week, both the S&P 500 and the Nasdaq Composite experienced significant declines, with drops of 3.05% and 5.52% respectively. On Friday, the Nasdaq plunged 2%, with leading tech stock Nvidia falling by 10%.

2. Earnings Outlook: This week is packed with earnings announcements, with around 30% of the S&P 500 companies scheduled to release their results. Despite a high percentage of companies beating expectations, overall Q1 growth is projected to remain flat compared to last year, according to FactSet data.

3. EV Price Competition: Tesla’s stock fell by 3% in premarket trading on Monday following the company’s decision to reduce prices for its electric vehicles in key markets like China and Germany. Similarly, Chinese EV maker Li Auto saw a drop to an 11-month low due to price cuts.

4. Bitcoin Halving: The Bitcoin network underwent its fourth “halving” on Friday, reducing miner rewards from 6.25 to 3.125. Bitcoin’s price saw fluctuations leading up to this event, but many investors anticipate future gains, as historical data suggests positive outcomes post-halving. These halving events occur every four years to maintain the cryptocurrency’s value.

5. Trump Trial: Opening statements are slated to begin on Monday in the New York criminal hush money trial involving former President Donald Trump. A jury of 12 members and six alternates has been selected after a four-day selection process that concluded on Friday.

Source (CNBC)

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