NEW YORK (Dow Jones) – Despite weak US retail data and growing concerns about further aggravation of the US-China conflict, Wall Street ended Friday’s trading up slightly. Initial significant losses could thus be made up for. Participants also referred to the effects of the small decay. The United States’ tone towards China had recently intensified. According to reports, the US government wants to block the delivery of chips to Huawei. This could worsen the trade dispute between the two countries.
In addition, US retail data was weaker than expected. The April sales decline was 16.4 percent, while experts had only expected 12.3 percent. The data is being watched with excitement because it will make the economic consequences of the corona pandemic quantitatively more tangible. The market had hoped that online retailers could catch a larger part of the decline. The poor data was somewhat cushioned by the Empire State Manufacturing Index, which was better than expected. The mood among US consumers has also brightened despite the severe corona crisis in May. With a minus of 11.2 percent, industrial production was in line with expectations.
“Reality is starting now,” said Anwiti Bahuguna, strategist at Columbia Threadneedle Investments. “Things are not as rosy as the V-shaped recovery expected by many and already priced in on the market,” added the participant.
The Dow Jones index rose 0.3 percent to 23,685 points. In the daily low it had initially dropped to 23,354 points. The S&P 500 rose 0.4 percent to 2,864 points. The Nasdaq composite rose 0.8 percent to 9,015 points. The 1,536 (Thursday: 1,614) course winners on the NYSE were matched by 1,405 (1,353) losers. 59 (56) shares closed unchanged.
gold at new year high – oil prices continue to rise
The gold price benefited from disappointing US retail data, marking a new annual high at $ 1,752. After the strong increase on the previous day, it rose by a further 0.7 percent to $ 1,743.
The dollar, on the other hand, came back somewhat against the euro with the US data. The euro was trading at $ 1.0818 in late US trade. The dollar index was down 0.1n percent.
Oil prices also continued to rise. These continued to be borne by the hope that demand would pick up again as the economy gradually opened up. But the extensive subsidy cuts also supported the price. The price of a barrel of the US grade WTI rose 7.3 percent to $ 29.56. Brent rose 5.0 percent to $ 32.70.
The bonds, however, showed up with levies. The brightened US consumer sentiment and better-than-expected Empire State Manufacturing Index would have pushed weak retail data into the background, a participant said. The ten-year Treasury yield gained 2.1 basis points to 0.64 percent.
Nike shares with duties
The Nike share gained 0.5 percent. The sporting goods manufacturer had reported “significantly lower” wholesale sales and higher inventories. A “strong digital demand” countered this. In the meantime, more than 95 percent of the Nike stores in China and South Korea are already open, some with restricted opening hours, the company said.
Applied Materials stocks fell 4.4 percent quarterly. The supplier of the chip industry did more and earned more than in the previous year. However, the consensus estimates have not been fully achieved.
Chesapeake Energy stocks shot up 23.9 percent in a recovery rally. The trigger was the further rise in oil prices. Shares had slumped 41 percent on the past four trading days, weighed down by concerns that the company could not weather the recent sharp drop in oil prices. In addition, there were the economic risks associated with the coronavirus pandemic.
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INDEX last +/-% absolute +/-% YTD
DJIA 23,685.42 0.25 60.08 -17.01
S & P-500 2,863.70 0.39 11.20 -11.36
Nasdaq Comp. 9,014.56 0.79 70.84 0.47
Nasdaq-100 9,152.64 0.64 58.21 4.80
US bonds
Maturity yield bp to vt yield vt +/- bp ytd
2 years 0.16 1.2 0.15 -104.5
5 years 0.31 0.6 0.30 -161.6
7 years 0.49 0.7 0.48 -176.0
10 years 0.64 2.1 0.62 -180.5
30 years 1.32 2.7 1.29 -175.1
CURRENCIES last +/-% Fri, 8:40 a.m. Thu, 5:31 p.m.% YTD
EUR / USD 1.0818 + 0.10% 1.0805 1.0802 -3.5%
EUR / JPY 115.99 + 0.09% 115.75 115.71 -4.9%
EUR / CHF 1.0516 -0.02% 1.0515 1.0505 -3.1%
EUR / GBP 0.8926 + 1.03% 0.8859 0.8858 + 5.5%
USD / JPY 107.21 -0.02% 107.17 107.12 -1.4%
GBP / USD 1.2120 -0.91% 1.2193 1.2196 -8.5%
USD / CNH (offshore) 7.1338 + 0.30% 7.1179 7.1167 + 2.4%
Bitcoin
BTC / USD 9,348.26 -4.40% 9,470.76 9,725.51 + 29.7%
ROHÖL last VT-Settl. +/-% +/- USD% YTD
WTI / Nymex 29.56 27.56 + 7.3% 2.00 -50.3%
Brent / ICE 32.70 31.13 + 5.0% 1.57 -48.5%
METALLE last day before +/-% +/- USD% YTD
Gold (spot) 1,743.05 1,730.65 + 0.7% +12.40 + 14.9%
Silver (spot) 16.63 15.90 + 4.6% +0.73 -6.9%
Platinum (spot) 798.55 771.95 + 3.4% +26.60 -17.3%
Copper future 2.34 2.35 -0.4% -0.01 -16.9%
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DJG / DJN / ros
(END) Dow Jones Newswires
May 15, 2020 16:21 ET (20:21 GMT)
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