Monday, April 22, 2024
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Wednesday’s Stock Market Opening

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

1. A little bending

Even as concerns mounted over the intensifying conflict between Israel and the militant group Hamas (more on that below), stock markets continued to rise for a third straight day. Due to the holiday, bonds didn’t trade on Monday, so Tuesday was the first opportunity for markets to gauge how yields would respond to the most recent geopolitical unrest. Yields declined, which helped support equities.

2. Birken-stock

Tuesday after-hours pricing for Birkenstock’s IPO is anticipated to be set at $46 per share, paving the way for the German footwear company to begin trading on the New York Stock Exchange the following day. This would result in a valuation that is lower than the $9.2 billion it wanted when it was first listed (ticker: BIRK).

3. Exxon Mobil concurs to purchase Pioneer

Oil tycoon Exxon Mobil said that it had reached an agreement to acquire Pioneer Natural Resources in an all-stock deal valued at close to $60 billion. Since its $81 billion acquisition of Mobil in 1998, it is Exxon’s largest acquisition. Exxon will have a firmer hold on fossil fuel output in the US thanks to the ground-breaking transaction because Pioneer controls a major portion of the Permian Basin, a vast oilfield primarily in western Texas. The largest producer in the Permian is Pioneer.

4. A period of decision

After becoming the first speaker in American history to be removed from office, Rep. Kevin McCarthy, R-Calif., will be replaced as speaker of the House by who? Republicans don’t even know who will vote on the issue Wednesday morning. Steve Scalise of Louisiana and Jim Jordan of Ohio are the two contenders that are adamantly on the right-wing. The majority leader Scalise has more leadership experience and a wide range of powerful allies in the House, whereas Jordan, the chairman of the House Judiciary Committee, has former President Donald Trump’s support.

5. Getting ready to invade

According to a government official, Israeli forces are assembling at the Gaza Strip’s border as their military gets ready to potentially invade Palestinian territory. “And that is to ensure that Hamas won’t possess any military capabilities at the conclusion of this conflict that would enable them to threaten or murder Israeli citizens. According to an Israeli Defence Forces spokeswoman, that is our military objective.

Source (CNBC)

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