Spotify goes into market close broadly unchanged at $99.03

Published: January 25 2023, 20:46 GMT+0

Spotify goes into market close broadly unchanged at $99.03

As the session comes to an end, the music streaming platform recovers back to $99.03 after dipping down to $94.35 earlier.

This uncertain state for Spotify is reflected by published market data as Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million. United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Meanwhile, mixed performances are seen in other communication services stocks as AT&T is trading at $20.3 after ending yesterday's session at $19.16 (up 5.92%). Alphabet is down to $96.36, losing 2.87%, after ending yesterday at $99.21. T-Mobile is up 1.58% to $148.11.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 2.6, following on from the preceding figure of 3.2. New data is set to be published tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

The stock has been trending positively for about a month. The music streaming platform has managed to gain 21.23% so far this year despite trading at lows around $71.05 previously.

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