Saturday, February 24

Chip Company NXP in the Spotlight on Wall Street

The Dutch chip manufacturer NXP Semiconductors was a big winner on Monday at the opening of the stock exchanges in New York.

 

NXP stock rose more than 7 percent in the first minutes of trading. The most important stock market indicators themselves came significantly less far from their place. Shortly after the opening bell, the S&P 500 was slightly higher at 3944 points. The Dow Jones index won 0.3 percent to 32,883 points, and the Nasdaq tech exchange lost 0.1 percent on 13,315 points.

US investors are also processing a message that President Joe Biden would like to increase taxes on businesses. According to insiders, he is working against Bloomberg news agency on the first significant federal tax increase since 1993. With the money that this generates, Biden would like to pay for his economic plans in the coming years.

Tesla (minus 1 percent) also knows the attention is focused on itself. The electric car maker has given CEO Elon Musk the official title of “Technoking of Tesla”. In addition, financial director Zachary Kirkhorn has been appointed “King of Coin”.

Tesla reported the new titles to stock exchange regulator SEC without providing more details about the notable names. The new titles may have something to do with Tesla’s $ 1.5 billion investment in bitcoins and the announcement that the company will accept digital coins as a means of payment.

The financial markets are mainly waiting for the two-day interest rate meeting of the Federal Reserve (Fed), which starts on Tuesday. Particular attention will be paid to what Fed President Jerome Powell will say about rising inflation and rising market interest rates. The euro was worth $ 1.1928 against $ 1.1943 for the weekend. A barrel of American oil became 1.4 percent cheaper at $ 64.67. Brent oil also cost 1.4 percent less, at $ 68.32 a barrel.

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