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Twitter in the Spotlight on Wall Street Due to Takeover Battle

The stock markets on Wall Street started a busy week with small results on Monday. Twitter stock was almost flat after Tesla CEO Elon Musk sent out a cryptic tweet that could indicate new steps in his takeover bid for Twitter.


Musk would also seek cooperation with other investors in his hostile takeover plans.

Investors also processed quarterly results from Bank of America and BNY Mellon, which gave a glimpse into the books ahead of the stock market opening. Furthermore, traders are cautious about rising interest rates and have been chewing on growth figures from China. As a result, the shares of Chinese companies such as online store Alibaba and taxi service Didi Global are also in the spotlight.

The Dow-Jones index rose 0.4 percent after a few minutes at 34,585 points. The broad-based S&P 500 rose 0.2 percent to 4400 points. Technology stock Nasdaq fell slightly to 13,346 points.

Bank of America (plus 1.5 percent) saw profits fall 13 percent but delivered better-than-expected results in consumer loans. Share trading also went well. Investment bank BNY Mellon had more sales than expected but underperformed in profit. The bank knows this because of the war in Ukraine and the sanctions against Russia. BNY Mellon lost 2.8 percent.

Alibaba was in the spotlight due to declining Chinese retail sales. These were 3.5 percent lower in March, partly due to the strict lockdowns in the country. As a result, Alibaba lost 3 percent in value.

Taxi service Didi Global plummeted 21 percent. That Chinese company will soon hold a vote among shareholders on delisting its US stock exchange. Investors in the United States do not like this because their securities are less easy to trade. In addition, Didi came up with results where the loss was greater than expected.

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