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S&P 500 Advances as Twitter Leads Tech Higher -Breaking


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By Yasin Ebrahim – The S&P 500 rose Monday as a Twitter-fueled bounce in tech helped the broader market begin the week on the entrance foot.  

The rose 0.6%, the gained 0.10%, or 35 factors, the rallied 1.6%.

Twitter (NYSE:) jumped practically 30% after Tesla CEO Elon Musk develop into the social media large’s largest shareholders, taking a 9.2% stake within the firm.

Musk, a vocal critic of Twitter, isn’t anticipated to be a passive shareholder and can possible look to construct on his stake to affect change on the social media large.

“We might anticipate this passive stake as simply the beginning of broader conversations with the Twitter board/administration that might finally result in an lively stake and a possible extra aggressive possession position of Twitter,” Wedbush mentioned in a be aware.

Different social media shares together with Snap (NYSE:), Meta Platforms (NASDAQ:), and Pinterest (NYSE:) had been up sharply.

Tesla (NASDAQ:), in the meantime, gained 5% after the electrical automaker delivered a document 310,000 automobiles through the first quarter, simply shy of Wall Road’s estimates of 312,000.

Huge tech, in the meantime, began the week on the entrance foot. Apple (NASDAQ:) was up greater than 1% regardless of damaging commentary from Loop Capital forecasting the tech large to slash iPhone manufacturing for 2022 to a spread of 245 million and 250 million.

Microsoft Company (NASDAQ:), Alphabet (NASDAQ:) and (NASDAQ:) had been up greater than 1%.

A key a part of the yield curve, the over 2-year Treasury yield, remained inverted on Monday, conserving fears {that a} recession could also be brewing entrance and heart.

Financials had been dragged decrease by falling banks shares as a flattening yield curve limits their margins on lending.

JPMorgan (NYSE:) was flat after chief government Jamie Dimon mentioned the financial institution might face a possible $1 billion writedown from its property in Russia.

On the Ukraine-Russia warfare entrance, peace talks between the 2 nations resumed Monday regardless of the U.S. and its allies eyeing contemporary sanctions on Russia after experiences of mass civilian deaths in Bucha, Ukraine.

Power shares struggled to show optimistic regardless of rising oil costs rallied as expectations of contemporary sanction towards Russia stoked fears of tighter provides.

Exxon Mobil (NYSE:) fell 1% regardless of forecasting an increase in quarterly working revenue within the first quarter, underpinned by rising oil and fuel costs.

In different information, Starbucks (NASDAQ:) fell greater than 4% after the espresso chain suspended its share repurchase program.

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