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The S&P 500 closed at another record high on Tuesday and the Nasdaq composite index jumped, as investors shook off concerns about the halt in Johnson & Johnson’s COVID-19 vaccine rollout and strong U.S. inflation. The Dow Jones Industrial Average fell 68.13 points, or 0.2%, to 33,677.27; the S&P 500 gained 13.6 points, or 0.33%, at 4,141.59; and the Nasdaq Composite added 146.10 points, or 1.05%, at 13,996.10.
European shares hovered just below all-time highs, little changed by U.S. inflation data that suggested the Federal Reserve’s accommodative policy stance would remain intact. The pan-European STOXX 600 closed up 0.1% and the export-heavy German stock index also rose that much after data showed China’s exports grew at a robust pace in March and import growth surged to its highest in four years.
Maltese markets also crept higher, with the MSE Equity Total Return Index closing up 0.06 percent at 8,166.591 points. Only four stocks recorded a change in price, with Bank of Valletta Plc leading the gains after an 1.11 percent rise to €0.91. Malta International Airport meanwhile led the losses with shares closing down 0.81 percent at €6.15.
Coinbase sets IPO price reference at $250
Nasdaq on Tuesday set a reference price of $250 per share for Coinbase Global Inc, projecting a value for the largest U.S. cryptocurrency exchange at $49.19 billion ahead of its landmark stock market debut on Wednesday. Coinbase shares are set to start trading under the “COIN” symbol. The opening public price will be determined by buy and sell orders collected by the Nasdaq from broker-dealers.
The reference price is not an offering price for investors to purchase shares, but rather a benchmark for performance when the stock starts trading the exchange on Wednesday. If shares trade hands at or above the reference price, Coinbase would be valued at more than six times the $8 billion the company was worth in its last private fundraising round in 2018. The reference price is below the $343.58 volume-weighted average price Coinbase’s shares were trading at privately in the first quarter of this year.
The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.
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