Stock Market Update: A Recap of Today’s Action
Today was quite a wild day in the markets. The S&P 500 reached a record high of 5254 on March 28th, and today it closed at 5246, coming very close to that level. This marks a significant turnaround from just four weeks ago when the market was in a downward trend. The rally in big tech stocks drove the market closer to an all-time high, with traders eagerly awaiting key inflation data for further insights into market direction.
Key Market Movers and Shakers
- On Holding: The Swiss sneaker maker, backed by Roger Federer, saw a remarkable 18% increase in its stock price today. This surge was fueled by the company raising its full-year sales forecast. Analysts attribute this positive outlook to favorable currency swings, suggesting potential for further guidance upgrades in the future.
- Paramount Global: The streaming company, owner of Viacom and CBS Showtime, experienced a 5% decline in its stock price today. This drop came after reports that Sony and Apollo are reconsidering their bid for Paramount. While a deal is not off the table, discussions have not progressed to the due diligence stage. Additionally, Comcast’s bundling of its streaming service with Netflix and Apple TV Plus may add further pressure on Paramount’s prospects.
Goldman Sachs: Insights on Credit Risk
Bloomberg recently interviewed top executives at Goldman Sachs, including CEO David Solomon and global head of asset and wealth Management Marc Nachman. The focus now shifts to President John Waldron, who shared his thoughts on high yield and leveraged finance markets. Goldman Sachs is seeing an uptick in dealmaking, with plans to expand its Asian private credit business in the near future.
Hot Take: Strong Day for Stocks | What You Missed 5/14
A rally in big tech drove stocks closer to an all-time high as bond yields fell, with traders eagerly awaiting key inflation data for insights into market direction. The S&P 500 came close to its record high, marking a significant turnaround from just a few weeks ago. Keep an eye on market movers and key insights from top financial institutions like Goldman Sachs for a comprehensive understanding of market dynamics.
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