Elliott Investment Management has reportedly acquired a substantial stake in Johnson Controls International, exceeding $1 billion, ranking it among the top ten investors in the company. Despite a 9.2% rise in Johnson Controls' shares over the past year, the company's performance lags behind industry peers.
Wall Street is seeing a day of gains as all major indices traded in the green around noon in New York, driven by a surprising uptick in unemployment claims prompting speculation over Federal Reserve interest rate cuts.
Performance in April 2024: Utilities lead, real estate lags. S&P 500, Nasdaq 100, Dow Jones Industrial Average, small-cap and large-cap indices all decline.
Sharp increase in oil prices has led to outperformance of energy stocks, with WTI rising 20% this year. EIA forecasts $90/bbl in Q2 2024 and $3.60/gal in retail gasoline prices by 2024. 3 energy firms in top 10 S&P 500 performers YTD and many more set to report earnings in April 2024.