Investors should be aware of the following five essential points before beginning the trading day:
1. 36th magnitude The S&P 500 has closed at yet another record. At 5,576.98 at the end of the session, the broad market index increased by 0.07%. This is the 36th record close for the index in 2024. The Nasdaq Composite closed the session at 18,429.29, up 0.14% and recording gains as well.
2. The reorganisation route The company that develops automation software, UiPath, is reducing its staff. As part of its reorganisation plan, the firm announced in an SEC filing that it will be eliminating roughly 420 jobs, or roughly 10% of its workforce.
3. Supply gap The real estate market is experiencing an odd development. The number of new and existing homes in inventory is increasing. In addition, home prices are growing at the same time that supply is high, which usually causes them to cool.
4. Let Go On the board of OpenAI, Microsoft is resigning as an observer. As the business had “witnessed significant progress from the newly formed board,” Microsoft’s Deputy General Counsel Keith Dolliver stated in a letter to OpenAI that CNBC saw that the position was no longer needed.
5. Was it too high for too long? Not all economic risks are caused by high inflation. Fed Chair Jerome Powell warned that maintaining excessively high interest rates for an extended period of time could jeopardise the health of the labour market and economy, even though they are still robust despite indications of cooling.
Source (CNBC)
