Home Business News Gold and palladium rally while Tesla falls in value

Gold and palladium rally while Tesla falls in value

13th Mar 24 10:57 am

last week, both palladium and GDX (VanEck Gold Miners ETF) witnessed a considerable rise in value as investors anticipate cuts in interest rates and uncertainty around inflation.

This comes following Federal Reserve Chair Jerome Powell’s remarks on the economic outlook, in which he stated, ‘rate cuts really will depend on the path of the economy’ and progress on inflation ‘is not assured’.

In the event of potential financial risks, palladium and gold can be a hedge against inflation, making it enticing to traders.

Additionally, Snapchat’s share price increased significantly. This rise closely followed the new bill in Congress that could potentially result in a ban of TikTok in the US, leading to a rise in other social media stocks.

What’s more, Saipem’s share price rose after it was awarded a $850 million contract in the onshore engineering and construction (E&C) sector, making the drilling and assembly firm an appealing buy to investors.

Looking at our most falling table* last week, Tesla’s share price plummeted following the production at its Berlin factory coming to an abrupt stop due to a power outage. This incident comes shortly after deliveries from its China Gigafactory dropped to their lowest levels in over a year, largely because of the ongoing Red Sea shipping crisis. Ultimately, Tesla has lost approximately a quarter of its value since the beginning of the year.

Elsewhere, Telecom Italia saw its value drop. This is attributed to growing concerns about debt levels, cashflow and dividend payments. As a result, the shares of the telecommunications giant have fallen to their lowest levels since December 2022, making it a discouraging investment for traders.

Due to a large amount of debt, Roundup liabilities, slashed dividends, and patent expiries, Bayer witnessed a decline in value. However, the pharmaceutical giant is not currently making improvements to address these headwinds, with analysts expecting its struggles to continue throughout the remainder of this year.

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