Stock Market Update

Struggling Volvo Cars shares hit new low

Volvo Cars shares recorded their lowest-ever closing price on Wednesday, according to *Dagens Industri* (DI).

On June 23 of last year, the stock closed at SEK 16.17. At the close of trading, it was down 3.5 percent to SEK 16.00.

News agency Direkt notes that the automotive sector generally faced downward pressure on European stock exchanges on Wednesday.

Earlier in the day, major bank Citi lowered its target price for Volvo Cars from SEK 16 to SEK 15, while reiterating a "sell" recommendation. 

Oil weighs on Wall Street – AI concerns drag down travel companies

Wall Street opened slightly lower on Wednesday following Tuesday's record high on the Nasdaq. After just under an hour of trading, the indices stand as follows:

· S&P 500: -0,6 %
· Nasdaq: -1,1 %
· Dow: -0,1 % 

This movement follows a rebound in oil prices after their longest losing streak of the year; market interest rates are also trending upward, Bloomberg and CNBC report.

On Tuesday, US President Donald Trump signaled progress in talks with Iran, raising hopes for a resolution to the conflict. At the same time, reports have emerged of a new attack on a cargo ship in the Strait of Hormuz.

The energy sector is rising—unsurprisingly—as oil climbs around 2 percent. Marathon Petroleum, Occidental, Chevron and Exxon Mobil are up between 1 and 2.5 percent.

Airbnb, Expedia and Booking continue to decline, down 3–6 percent. The travel sector is under pressure after Meta launched its AI assistant Muse, which can book flights and accommodation, reports Barron’s.

Microsoft shares initially rose after Stifel upgraded the stock to "buy" but have since slipped into negative territory.

Quantum computing company Ion Q is up 4 percent following a technical breakthrough. The company states that it has successfully tested the world’s first real-time quantum error decoder, reports CNBC.