S&P 500 stalls below record high
After a strong start to the month. The benchmark S&P 500 opened the week in the red despite a number of “meme stocks” trading higher.
The S&P 500 which is close to recording a new high. Was down by as much as 0.30% in today’s session, even as shares in AMC were up by over 25%.
AMC, which was one of the main benefactors of the reddit “WallStreetBets” thread, almost doubled in value again last week as retail traders once again flocked to the stock.
Despite this, many believe that due to Non-farm payrolls coming in lower than expected, has contributed to this week’s sluggish start.
As of writing the S&P 500 was 0.18% lower, with the Dow Jones falling 0.41%.
Google shares rise despite France issuing record fine
Days after it was announced that Facebook was under investigation for antitrust and competition practices. Another tech giant has today been fined.
Google today was fined a record $268 million by authorities in France. For abusing its market power in the online advertising industry.
The fine, which was imposed by the French Competition Authority. Comes as an investigation found that Google unfairly routed traffic to its own services and discriminated against the independent publishers.
In a statement from the FCA (French Competition Authority), President Isabelle de Silva stated that.
“These very serious practices have penalized competition in the emerging online advertising market and have enabled Google not only to preserve but also to increase its dominant position”.
Shares in Alphabet, Google’s parent company were up 0.22% as of writing.
British consumer sentiment hits 5-year high
Britain’s FTSE 100 traded marginally higher to start the week as it was reported that consumer sentiment had risen to a 5-year high.
The data which was released by YouGov showed that sentiment in May reached its highest level since April 2016. After rising by 3.1 points to 113.6.
This comes as the UK government pushed forward with the easing of lockdown restrictions. As well as inviting more age groups to get their first COVID-19 jab.
Close to over 40 million people in the United Kingdom have now received their first jab. With over 20 million receiving both doses.
Last week also saw the UK have its first day of 0 COVID deaths since the pandemic began.
London’s FTSE 100 closed 0.12% higher on Monday.
Quote of the day – “What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.”– William O’Neil
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Senior Market Analyst