Tuesday, May 21, 2024
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Friday’s Stock Market Opening

Here are the top news stories that investors need to know before they begin their trading day:

1. A surge on Wall Street

Thursday marked the Dow Jones Industrial Average’s greatest day in more than a month. An important IPO that was a success and some solid economic indicators were being applauded by traders. For the first time since September 1, the Dow ended above its 50-day moving average after rising 331.58 points, or 0.96%. The S&P 500 increased by roughly 0.84%, while the Nasdaq Composite increased by 0.81%.

2. The UAW leaves.

After the union and the Detroit automakers were unable to come to an agreement by a deadline on Thursday night, thousands of United car Workers members went on strike at three important car facilities. By engaging in simultaneous negotiations with all three corporations, UAW President Shawn Fain is attempting a novel strategy. The UAW used to primarily concentrate on contract negotiations with one automaker.

3. Arm reaches in

Arm Holdings is now listed on the Nasdaq. After pricing its initial public offering at $51 per share, it increased almost 25% on Thursday on its first day of trading. At launch, Arm had a value of around $60 billion. The British chip design company’s shares were sold for around 95.5 million, but SoftBank still holds about 90% of the total shares.

4. Airliners descend

Another airline has issued a profit warning due to the rising cost of gasoline. As a result of higher-than-anticipated fuel and maintenance costs, Delta Air Lines on Thursday reduced its adjusted earnings prediction for the third quarter to between $1.85 and $2.05 per share from an earlier forecast of $2.20 to $2.50. This week, American Airlines, Spirit Airlines, and Frontier Airlines all issued cautionary statements stating that the summer quarter would be challenging due to increasing costs that would reduce their profitability. They updated their outlook in response to similar actions taken by Alaska Airlines and Southwest Airlines. This week, Delta revised the requirements for elite frequent flyer status and made it more difficult for consumers to access its airport lounges, providing the latest reality check for the era of mass air travel.

5. JPMorgan increases

In order to compete with fintech competitors like Square and PayPal, which already offer similar services, JPMorgan Chase aims to provide digital payroll processing to small businesses. The fintech businesses have changed their strategy to become all-inclusive providers that pose a threat to conventional banks. The largest bank in the United States in terms of assets is also hoping the change will increase its appeal to smaller companies. The feature’s supporting technology was chosen by JPMorgan from San Francisco fintech company Gusto, according to Gusto’s CEO.

Source (CNBC)

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