- S&P 500 with around 10% return in Q1 2024
- Increases motivated by the lack of a major uptick in inflation last Friday, raising the prospect of an interest rate cut in June
- Microsoft separates Teams from Office
- Tesla raises Model Y prices in the US
- ISM index for March will be released today half an hour after the start of the session on Wall Street
S&P 500 starts the quarter strongly
Wall Street futures started today's trading very strongly, which may related with the release of PCE inflation on Friday, which did not rise more than expected. Powell indicated that the inflation reading was in line with expectations and it was good news. The S&P 500 Index gained around 10% in the first quarter and was the best quarter since 2019. The Nasdaq, on the other hand, scored 9% gains and it was the best quarter since 2019. Today, the S&P 500 opens 0.1% above Thursday's close, while the Nasdaq gains 0.35%.
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US500 contract pares earlier gains, after reaching all-time high. Source: xStation5
Company news:
Microsoft separates Teams from Office. Microsoft has announced plans to globally release its Teams video conferencing application as a standalone product, separating it from Office. The decision comes six months after a similar move in Europe in response to regulatory scrutiny over software bundling practices. Microsoft gains 0.5% at the open.
Tesla announced a $1,000 price increase for all versions of the Model Y in the US. The news comes as the electric vehicle maker is due to release sales figures for the past quarter on Tuesday and points to further weak data due to increasing competition from cheaper rivals such as China's BYD. Tesla gains 0.2% at the open.
Nikola Corporation is gaining more than 10% at the open, while it is up almost 80% over the past 10 days. The company recently announced the return of its electric trucks as the BEV 2.0 model, which has two propulsion options: electric and hydrogen. In addition to this, the company announced the opening of a HYLA modular high-pressure refuelling station in Southern California. In addition to this, the company has completed the opening of its first commercial hydrogen refuelling station in Alberta.
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