On Monday, April 1, 2024, U.S. equities were lower following Federal Reserve Chair Jerome Powell’s comments about the need for more evidence of cooling inflation before considering interest rate cuts. Despite the overall market decline, some companies stood out with notable performance.
In the S&P 500, Micron Technology was the best-performing stock after Bank of America raised its price target. The company has potential for market share expansion and investors are taking notice. Meanwhile, shares of Solventum struggled on their first day of trading despite being a health care spinoff from 3M. However, 3M’s stock rose after final court approval of litigation concerning “forever chemicals.”
The transportation sector was hit hard as well with declines in companies like C.H. Robinson Worldwide and J.B. Hunt Transport Services after Barclays warned of potential overcapacity in the trucking industry impacting shipping rates. AT&T also faced troubles with shares dropping following news of a data breach that exposed personal information on the dark web.
In the commodities sector, gold miners like Newmont Corporation saw gains as the price of gold reached record levels due to global economic uncertainty and geopolitical tensions. Delta Air Lines experienced a rise in share prices after being named a top pick for 2024 by Morgan Stanley due to its growth in premium services such as seat upgrades and streaming entertainment options.
Oil futures recorded gains while the yield on the 10-year Treasury note increased as investors seek higher returns amid rising inflation expectations and uncertain economic conditions across the globe. The U.S dollar strengthened against major currencies like euro, pound and yen while most major cryptocurrencies saw price declines with Bitcoin leading the way due to regulatory crackdowns around the world and concerns about energy consumption mining operations have on environment
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