Tag: NASDAQ

Appeals Court Shoots Down Challenges to Nasdaq Rule Requiring Companies to Have at Least Two ‘Diverse’ Board Members

Wisconsin Daily Star Staff

A federal appeals court rejected challenges Wednesday to a Nasdaq rule mandating that companies listed on the exchange have a female and an underrepresented minority on their board, or explain why they cannot meet the requirement.

The Fifth Circuit Court of Appeals shot down lawsuits filed by the National Center for Public Policy Research and the Alliance for Fair Board Recruitment against the Securities and Exchange Commission (SEC) for approving the rule in August 2021. The rule requires Nasdaq-listed companies to provide information on gender, racial and LGBTQ+ status of their board of directors, mandating that at least two board members fall into one of those “diverse” categories.

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Nasdaq Expected to Underperform the S&P 500 for First Time in over Five Years

Wisconsin Daily Star Staff

The Nasdaq Composite, a technology-heavy index of publicly-traded companies, is set to underperform the S&P 500 for the first time since 2016, according to CNBC.

The S&P 500, a stock market index consisting of the 500 largest publicly-traded companies in the U.S., climbed 28% in 2021 as of Monday, while the Nasdaq was up 23% on a year-over-year basis, according to CNBC. The S&P 500 previously beat the Nasdaq in 2016 and 2011.

The Nasdaq had a strong start to 2021, almost doubling the S&P 500 in February, CNBC reported. Trading slowed after the arrival of the COVID-19 vaccines, which boosted sentiment among investors that the pandemic was ending, reducing demand for remote work technology and other tech-focused goods.

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Stock in Trump’s Social Media Venture Soars 190 Percent Following Announcement

Wisconsin Daily Star Staff
Donald Trump

The share price of Digital World Acquisition Corp., the company launching former President Donald Trump’s new social media and entertainment venture, rose nearly 190% following Trump’s announcement of his plans to develop the tech platform.

The company, listed on the NASDAQ stock exchange as DWAC, is a special purpose acquisition company (SPAC) that acts as a public shell corporation to acquire private companies and list them publicly on a stock exchange. The company entered into a merger agreement with Trump Media and Technology Group (TMTG) in order to raise public funding for Trump’s social media venture, according to a press release.

Trump announced Wednesday that he was launching a new social media platform called TRUTH Social intended to “fight back” against major tech companies that banned the former president earlier this year. The new venture will also include on-demand video entertainment and news services.

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Stock Market Nosedives as Massive Sell-Off Continues

RealClearWire

Major stock market indices plummeted Monday in a continuing sell-off tied to China’s declining property value, increasing COVID-19 cases and lack of progress in Congress on increasing the debt limit.

The Dow Jones Industrial Average (DJIA), an index measuring 30 major U.S. corporations, dropped 1.78% on Monday. The S&P index, which measures 500 of the largest publicly traded companies, fell 1.7%, while the NASDAQ, an index composed largely of technology firms, declined 2.19%.

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