U.S. Markets Cut Gains; Snap Falls 20% in Trade
Stocks in the U.S market moved up with a string of earnings reports from technology heavyweights including Facebook yet to come, while keeping in mind inflation concerns and rising crude oil costs.
The S&P 500 is now in the green after a volatile start, while the Nasdaq 100 stayed in green. PayPal moved up after the company said it isn’t pursuing an acquisition of Pinterest, ending guesses over a potential $45 Billion mega-deal. Tesla moved up after receiving an order for 1 lakh cars from car-rental company Hertz Global. Facebook results will be out today.
Stoxx Europe is up by 0.15%
Dow Jones is up by 0.15%
NASDAQ is down by 0.56%
Goldman Cuts China’s Growth Outlook To 5.2%
According to the Goldman Sachs Group, the Chinese economy will grow 5.2% next year, down from the previous expectations of 5.6%. Goldman said that weaker GDP growth and faster inflation in the third quarter were temporary and will pick up pace in the fourth one.
Banks, Merchants, Etc Can Soon Offer Crypto Services, Says MasterCard
Payment technology company Mastercard said on Monday that merchants, banks, and fintech in the U.S. now have the right to enable customers to buy, sell and hold cryptocurrencies. This is a part of Mastercard’s partnership with digital asset platform Bakkt Holdings and it will add crypto into its loyalty solutions, allowing its partners to offer cryptos as rewards. A piece of great news, right? At the time of writing Ethereum is up by $% and Bitcoin is up by 3.8%.
Tesla Rises On Huge Order From Hertz For 1 Lakh Vehicles
The shares of Tesla rose more than 7% on Monday in NASDAQ after Hertz(an American car rental company) announced its order for 100,000 Tesla cars. The order amount is $4.4 billion(Rs 33020 crores) and is expected to be delivered by the end of 2022. Another news that fueled the shares is Tesla’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.
China’s Latest Covid-19 Outbreak Spreads To 11 Of Its 23 Provinces
China said on Monday that its latest Covid-19 outbreak had reached 11 of its 23 provinces and the health depart said that the outbreak is caused by the delta variant from overseas. China is one among the few countries that still consider lockdown to curb the spread of Covid-19. However Chinese market closed at 0.76% up on Monday, after Evergrande managed to avoid default on Friday.
Facebook, Alarmed by Teen Usage Drop, Left Investors in the Dark
The time spent for U.S. teenagers on Facebook was down 16% year-over-year, and that young adults in the U.S. were also spending 5% less time on the social network. The number of new teen signups was declining, and perhaps most concerning was a series of slides showing that young people were taking much longer to join Facebook than they had in the past.
Alibaba Has Lost $344 Billion in World’s Biggest Wipeout
Few people could have predicted the downward spiral for Alibaba Group Holding, when founder Jack Ma delivered a blunt criticism of China’s financial system last October. Yet one year on, the technology titan has lost a whopping $344 billion in market capitalization — the biggest wipe-out of shareholder value globally, according to data compiled by Bloomberg.
The World’s Most Consumed Edible Oil Is Facing a Supply Crunch
Palm oil production in Malaysia is on course for its weakest showing in five years as planters grapple with the worst-ever labor shortage in the second-biggest grower, and the low yields are likely to last through March. The country’s output may slide below 18 million tons this year, according to Nageeb Wahab, chief executive at the Malaysian Palm Oil Association, a growers’ group that represents 40% of palm plantations by area.
