This is how it went with the leading indices on the New York Stock Exchange:
The broad S&P 500 ended down 0.02 percent, while the industry-heavy Dow Jones index went down 0.2 percent. The technology index Nasdaq rose close to 0.3 percent.
The ten-year US government bond yield rose to 4.485 percent, while the so-called “fear index” VIX rose 8.76 percent to 13.65.
Oil
A barrel of North Sea oil traded for the day at 83.46 dollars, up almost 1 percent from Friday. One barrel of WTI oil is traded on Monday up 1.18 percent to 79.18 dollars.
The Gamestop stock in the air
Most of us remember the Gamestop short squeeze in 2021, when the punters on the Reddit forum r/WallStreetBets banded together to drive up the Gamestop stock price, forcing out the shorts in the stock. The result was that the share price rose over 1,700 per cent within one month, after the campaign went viral.
Now the stock is making new moves after Keith Gill, the man who started the GameStop short quiz in 2021, has posted his first post in nearly three years. This sends the stock up 49 percent in the opening minutes.
The post, a picture on X (Twitter) of a computer gamer leaning forward in his chair to concentrate and take the game more seriously is the first post from Gill since 2021.
It is uncertain what the post means, but Gamestop shares rose more than 74 percent on Wall Street on Monday to $30.47.
New price target for stock market rocket
After a change of analysts in Jefferies, the brokerage house comes out with a new buy recommendation on Nvidia, at the same time raising the price target from 780 to 1,200 dollars. The new price target indicates an upside of 33 percent for the IT rocket, which has already risen 81 percent so far this year.
According to MarketWatch, HSBC raises its price target on Nvidia from $1,050 to $1,350, while reiterating its buy recommendation. Analyst Frank Lee believes the market is underestimating the significant revenue potential that artificial intelligence can result in.
On Monday, the stock rose just under 1 percent to $903.99.
Macro
As investors wait for Wednesday’s US inflation (CPI) figures, the indices are now close to the all-time high levels from March.
This comes, among other things, from a cooling in the labor market, which gives hope for further interest rate cuts and more strong quarterly reports, according to Reuters.
Handelsbanken emphasizes that Wednesday’s US inflation figures for April will be important to follow. They also have the potential to influence the interest rate outlook in Norway.
“We remember the inflation figures from last time, which were stronger than expected; both for overall price growth and not least for core price growth. Which thus smashed the hypothesis that the strong price increase at the start of the year was driven by only temporary disturbances. Rather, the recent momentum suggests that price growth in the US may be on the way up again, or at least level off a bit above the 3s,” Handelsbanken writes in a report.