Börse Express – New York stocks: Standard values ​​continue to rise

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NEW YORK (dpa-AFX) – On the US stock market, the desire to buy in the technology sector, which was very strong the day before, subsided on Thursday. The Nasdaq 100 gave up its opening gains two hours before the end of the stock market with plus 0.03 percent to 13,381.90 points. The leading index Dow Jones Industrial on the other hand, advanced by a further 0.49 percent to 33,472.77 points. The market-wide S&P 500 gained 0.45 percent to 4229.16 points. All three indices are thus moving at the price level of the beginning of May.

The recent somewhat lower inflationary pressure in the United States continues to support prices. Data from this Thursday fit the picture. They showed that in July, inflation at the manufacturer level weakened more than expected.

As already announced on Wednesday, inflation unexpectedly fell significantly to 8.5 percent in July. In June, inflation in the world’s largest economy was still 9.1 percent, the highest level in over 40 years. This had raised hopes that the US Federal Reserve was slowing down its pace of monetary tightening to combat inflation.

The latest inflation data has sent an encouraging signal towards his soft landing scenario for the US economy, wrote UBS Wealth Management investment strategist Mark Haefele. However, investors should continue to act cautiously, he advised. It is still not entirely clear in which direction the economy will develop and what the position of the US Federal Reserve Bank will be then. The time for clear positioning on the market has not yet come.

Fed officials also said, in response to the previous day’s consumer price data, that this does nothing to change the fact that the central bank is aiming for higher interest rates this year and next. The Fed last took action against high inflation at the end of July by raising interest rates by 0.75 percentage points. Inflation remains “unacceptably high,” said Chicago Federal Reserve Bank Chairman Charles Evans.

Among the individual stocks, shares in Walt Disney made gains
their previous day’s profit. The entertainment giant has meanwhile brought the long-standing market leader Netflix with its streaming offers a. The money for the entertainment empire meanwhile earned in the third business quarter the classic business with the TV cable division as well as film studios, theme parks, holiday resorts and cruise ships. Overall, Disney’s adjusted earnings per share beat market expectations. Disney stocks rose 5.6 percent at the top of the Dow. Netflix’s shares were moderately higher.

Investors in speaker provider Sonos had to suffer a price slump of a quarter to process. The group sees such a bad environment for its business that it is postponing the launch of a new product. Sonos has seen a slowdown in demand in its businesses since June, CEO Patrick Spence said in a conference call with analysts. He attributed it in part to the fact that consumers are currently spending their money on services and travel rather than goods.

The online dating platform Bumble failed to meet market expectations with its sales forecast for the third fiscal quarter. The papers fell by 7.4 percent.

Health stocks lagged behind overall. Johnson&Johnson
about stood at the end of the Dow 1.4 percent lower. Pfizer
lost 3.7 percent in the S&P 500. Market participants also linked Pfizer’s losses to ongoing product liability lawsuits over the recalled drug Zantac. These already had the shares of Sanofi in European trading and GlaxoSmithKline (GSK) heavily added.

According to JPMorgan analyst Chris Schott, the consequences for Pfizer should be manageable. Zantac was a once-popular drug used to suppress stomach acid production for heartburn. In the US, plaintiffs have been claiming for some time that the drug allegedly caused them cancer. Schott pointed out that over the past 25 years, several companies, including Boehringer, Sanofi and Pfizer, have had the rights in the US to sell over-the-counter the drug that GSK launched in the early 1980s./ajx/he

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0418 2022-08-11/20:08

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