Keep in mind that the Federal Reserve’s board members have expressed that they expect at least three increases of the bank’s standard interest rate by 2022. Kiplinger predicts that the Fed will hike rates by fourfold and, on the weekend Goldman Sachs predicted the same. JPMorgan Chase ( JPM) CEO Jamie Dimon upped the ante Monday by saying “I’d personally be surprised if it was just four.”
However, selling pressure Monday morning slowed down in the afternoon, as 10-year rates fell from their highest levels.
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Fresh from the worst week of 11 months in the past, it was a shaky week for the Nasdaq Compositedropped by as high as 2.7 percent at its low 14530 – around 80 points away from correction territory (a decrease of 10 percent or more from its high) however it was able to close with a slight rise at 14,942. It was the Dow Jones Industrial Average(-0.5 percent to 36,068) and the S&P 500 (-0.1 percent to 4,670) ended the day lower, but still from its intraday highs.
Small-cap Russell 2000 slipped by 0.4 percent to reach 2,171.
Gold futures registered a small increase in value, reaching $1,798.80 one ounce.
U.S. crude oil futures dropped 0.9 percent to settle with $78.23 each barrel.
Bitcoin that was at $41,912.19 in the afternoon of Friday, fell below $40,000 on Monday, but rebounded to $41,714.45 at an increase of 0.5 percent drop. (Bitcoin trades all day, and prices listed here are current as at 4.30 p.m.)
Take-Two Interactive (TTWO) is increasing its stake in the mobile game world. Today, it announced that it will purchase Farmville creator Zynga (ZNGA) for $12.7 billion in cash and shares. The price is $9.68 to each ZNGA share, an 61.3 percentage increase from last Friday’s closing. “This strategic combination brings together our best-in-class console and PC franchises, with a market-leading, diversified mobile publishing platform that has a rich history of innovation and creativity,” said Strauss Zelnick, CEO of Take-Two Interactive. “We believe that we will deliver significant value to both sets of stockholders, including $100 million of annual cost synergies within the first two years post-closing and at least $500 million of annual net bookings opportunities over time.” The deal is expected close by the end the second quarter, as when it receives approval from shareholders and regulators. ZNGA shares shot up 40.7 percent following the announcement as TTWO shares fell 13.1%. TTWO dropped 13.1 percent – which could create an attractive opportunity for investors who want to buy one of the top communication services stocks in 2022 for a bargain.
Moderna (MRNA) is an uncommon flash of bright green on the market today, soaring 9.3 percent following the biotech’s chief executive Stephane Bancel revealed on the CNBC’s “Squawk Box” on Monday that the company was developing COVID-19 boosters that specifically target the micron-type variant. Bancel explained that MRNA believes that this is an “best strategy for a potential booster for the fall of 2022” following discussions with various health professionals from the public sector. The announcement comes after The Centers for Disease Control and Prevention (CDC) declared that people with immunocompromised conditions can now receive the fourth dose of vaccine, as we reported on Monday in our no-cost A Step Ahead newsletter.