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US markets recovered; Peloton rose 9.8% on Blackwells Capital letter; GM dipped ahead of major EV investment announcement

  • The Nasdaq rose 0.6% to close Monday’s session at 13,885 points.
  • Peloton rose almost 10% on an activist investor letter to fire the CEO.
  • General Motors dipped ahead of plans to announce major EV investment.

The US markets closed marginally higher on Monday despite the key indices trading sharply lower for most of the session as investor fears of tightened monetary policy sparked a sell-off before investors bought in the dip.

The Dow Jones rose 0.3% to finish the trading day up 99 points to close at 34,365 points, after trading down nearly 1100 points during the session.

The tech heavy NASDAQ rose 0.6% to finish the trading day up 86 points to close at 13,855 points with Facebook and Google gaining 1.83% and 0.22% respectively.

One bitcoin is worth US$36,495 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 71.43 US cents.

Peloton shares rallied 9.8% on Monday after activist investor Blackwells Capital called for the company to fire its Chief Executive Office John Foley and explore a sale. The rally comes days after investors sold out of Peloton shares following the company’s announcement of a temporary halt in production and possible staff lay-offs.

Shares in General Motors dipped on Monday ahead of Tuesday’s planned announcements by the automaker about major electric vehicle investments, including plans to invest US$6.5bn in two electric vehicle making sites in Michigan and create around 4000 jobs at the two plants.

And Twitter has jumped on the NFT display bandwagon, now allowing users to turn NFTs they own into verified profile pictures on the platform if they are paying subscribers of the Twitter Blue subscription service.

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