May 21, 2024 12:48 pm
Small declines seen on Wall Street while cocoa prices hit record high

A comprehensive review of the current market reports, trends, indices, stock prices, bonds, foreign exchange, commodities, and analyst recommendations provides a snapshot of Wall Street’s performance. Despite most of the trading day seeing price increases, the Nasdaq index fell by 0.4%, the Dow Jones by 0.1%, and the S&P 500 by 0.3%.

Some of the most interesting shares today included Truth Social, Donald Trump’s social network, which jumped on its first day of trading but closed with a gain of about 15%. Krispy Kreme saw a 40% jump after a distribution agreement with McDonald’s. Viking Therapeutics rose about 16% following good trial results for a weight-loss drug. However, stock UPS fell sharply after initially jumping due to the company’s new strategy and forecast announcement.

In other news, Viking Therapeutics experienced a 20% jump after reporting positive trial results for a weight loss drug. Cocoa prices reached an all-time high due to issues in Ivory Coast and Ghana that are affecting chocolate manufacturers who may pass on costs to consumers. The world is facing its biggest cocoa production crisis in 60 years due to these issues. Consumers are expected to see the impact on chocolate prices by 2025.

UPS announced new strategies to improve automation processes and reduce expenses while expecting revenues to reach $110-$114 billion by 2026. Wall Street indices stabilized with slight increases while Bitcoin traded at $69,700 per coin throughout the trading day. Various stocks experienced jumps and stabilizations across markets worldwide influenced by company announcements, trial results, and global economic factors. In Europe, stock markets closed with price increases as well.

Overall

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