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

The following news items are the most crucial for investors to know as they begin their trading day:

1. All jumbled

On Thursday, investors will be waiting for new inflation data. Following a consumer price index data that was hotter than anticipated, the producer price index reading for August will be released. The CPI report received a mixed response from the market. 3M, which fell 5.7%, contributed to the Dow’s 0.20% loss. The Nasdaq increased by 0.29% while the S&P 500 gained 0.12%.

2. What is the inflation leader?

Gas and housing prices are rising for consumers. The U.S. Department of Labor’s release of the consumer price index report for August on Wednesday revealed that inflation experienced its largest monthly increase this year. The labour department reported that the CPI, which tracks expenditures for a wide range of goods and services, up 0.6% seasonally adjusted for the month and was up 3.7% from a year earlier.

3. Use of arms

One of the biggest initial public offerings of the year is about to take place. On Thursday, Arm will make its long-awaited Nasdaq debut. Priced at $51 per share, the chip designer’s IPO exceeded the predetermined range of $47 to $51 per share.

4. The Citi-regroup

Reorganisation plans for the bank were revealed by Citigroup CEO Jane Fraser on Wednesday. In order to reduce organisational layers and accelerate decision-making, Fraser announced that Citigroup would be split into five major business areas that would all report directly to her. Along with the adjustments, there will be job losses, though Citigroup is still deciding exactly how many employees will be let go. The third-largest bank by assets in the U.S. is Citigroup, but it has had trouble recovering since the 2008 financial crisis, and its stock price has been falling.

5. Successful hiring

As part of a larger hiring cutback planned for the upcoming quarters, Google is eliminating hundreds of positions from its recruiting department. After announcing in January that it was eliminating 12,000 jobs, or about 6% of its full-time employees, Alphabet-owned Google made the decision.

Source (CNBC)

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