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More gains for the S&P 500 incoming? The S&P 500 is poised to hit fresh peaks and deliver returns in the double digits in the upcoming months after surpassing the 5,000 mark last week, the Financial Times reported. The blue-chip index has traditionally reached numerous all-time highs within a year of hitting a previous record in cases where over a year had elapsed since its last peak — and this pattern has held since 1950, Truist Advisory Services’ Keith Lerner told the salmon-colored paper.
AND- Tech companies partake in mass layoffs as they shift their focus to AI: Some 138 tech firms such as Microsoft, eBay, and PayPal have already laid off around 34k employees since the start of January to put more money towards generative artificial intelligence, the Financial Times reported.
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ADX |
9,344 |
-0.2% (YTD: -2.4%) |
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DFM |
4,183 |
+0.6% (YTD: +3.1%) |
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Nasdaq Dubai UAE20 |
3,718 |
+0.1% (YTD: -3.2%) |
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USD : AED CBUAE |
Buy 3.67 |
Sell 3.67 |
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EIBOR |
5.0% o/n |
5.1% 1 yr |
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TASI |
12,209 |
+0.1% (YTD: +2.0%) |
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EGX30 |
28,199 |
-0.8% (YTD: +13.3%) |
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S&P 500 |
5,027 |
+0.6% (YTD: +5.4%) |
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FTSE 100 |
7,573 |
-0.3% (YTD: -2.1%) |
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Euro Stoxx 50 |
4,716 |
+0.1% (YTD: +4.3%) |
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Brent crude |
USD 82.19 |
+0.7% |
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Natural gas (Nymex) |
USD 1.85 |
-3.7% |
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Gold |
USD 2,039 |
-0.5% |
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BTC |
USD 48,204 |
+1.1% (YTD: +13.9%) |
THE CLOSING BELL-
The DFM rose 0.6% at yesterday’s close on turnover of AED 260.7 mn. The index is up 3.1% YTD.
In the green: Shuaa Capital (+9.3%), Emirates Reem Investments Company (+3.9%) and Emaar Development (+3.8%).
In the red: International Financial Advisors (-9.9%), Al Firdous Holdings (-3.9%) and Ithmaar Holding (-2.0%).
Over on the ADX, the index closed down 0.2% on turnover of AED 168.0 mn, while Nasdaq Dubai closed up 0.1%.
Asian markets are quiet this morning — and will likely remain so for the week asChina is closed for a weeklong Lunar New Year holiday. Exchanges in Hong Kong, Shanghai, and Korea are all off today. The Nikkei is up slightly, and futures suggest a mixed open in Europe and on Wall Street.
