Shares of former President Donald Trump’s social media company, Truth Social, continued to surge Wednesday, extending the gains on its first official trading session on the Nasdaq the day before. The parent company reached a market value of approximately $9 billion, providing substantial returns to insiders with company shares.
The S&P 500 and Nasdaq closed lower on Friday after touching record highs during the session, with chip stocks going into reverse and a mixed labor market report that showed more new jobs than expected with a rising unemployment rate.
Equity benchmark indices open positively with Sensex rising 250 points, driven by financial stocks. The BSE Sensex and Nifty climb, but HUL and Reliance Industries shares suffer from their December quarter results. Most financial stocks perform well, while global oil benchmark Brent crude declines. Domestic equity markets are predicted to have subdued activity, with normal trading sessions announced on Saturday.
Nifty formed a Doji candle on the daily chart, US stocks opened higher, FPIs emerged as net sellers for the third consecutive day, and Nifty Bank dropped over 4% in a week. Paytm announced its Q3 results with key highlights.
Equities in Asia are mixed with gains for tech stocks offsetting slumping commodity shares. Wall Street futures are pointing slightly lower after gains across the big three indexes led by a rally for the tech-heavy Nasdaq. Treasury yields and the dollar hover above multi-week lows awaiting comments from Federal Reserve Chair Jerome Powell. Crude oil sinks to a three-month low due to a build in US stockpiles while concerns for the Chinese economy weigh on demand.
Wall Street’s main stock indexes rallied on Friday as bond yields fell sharply after data showed signs of slowing U.S. jobs growth and an uptick in unemployment, boosting hopes that the Federal Reserve is done with its interest rate hiking campaign. Nonfarm payrolls increased by 150,000 jobs in October, much less than the expected 180,000 increase, partly due to strikes at Detroit’s Big Three automakers. Data for the last month was revised lower to show an increase of 297,000 instead of 336,000. The jobs data also helped push U.S. Treasury yields lower for the fourth consecutive session. The move in yields supported stocks. The Dow Jones Industrial Average rose 222.24 points, or 0.66%, to 34,061.32, the S&P 500 gained 40.56 points, or 0.94%, to 4,358.34 and the Nasdaq Composite added 184.09 points, or 1.38%, to 13,478.28. For the week, the S&P 500 gained 5.9%, for its biggest gain since November 2022 and Nasdaq added 6.6%, also showing its biggest gain since Nov. 2022. The Dow showed a weekly gain of 5.1%, its biggest since late October 2022.
Customers of Arm Holdings Ltd including Apple Inc, Nvidia Corp, Alphabet Inc and Advanced Micro Devices Inc have agreed to invest in the chip designer’s initial public offering. SoftBank Group Corp, which owns Britain-based Arm, is targeting a valuation between $50 billion and $55 billion. Arm’s clients have agreed to invest in that valuation range, the sources said.
