NEW YORK (dpa-AFX) – The hunt for supposed bargains continued to drive prices on Wall Street towards the end of the month. As on Friday, the technology stocks, which are considered to be particularly susceptible to fluctuations and sensitive to the economy, rose significantly at the beginning of the week. Fitting into the positive picture was the surprising improvement in the business climate in the Chicago area in January. “The overall picture for US manufacturing is still favorable, but the sector is nonetheless vulnerable to disruption from the omicron wave of the coronavirus,” wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics on Monday.
The tech-heavy select index Nasdaq 100 jumped 3.29 percent to 14,930.05 points. The broad market S&P 500 index rose by 1.89 percent to 4515.55 points.
For the leading index Dow Jones Industrial it went up 1.17 points to 35 131.86 points. On a monthly basis, however, there is a minus of 3.32 percent.
The situation on the US technology exchange remains tense, said capital market strategist Jürgen Molnar from the trading house Robomarkets. “The focus of investors in the coming weeks should continue to be inflation.” The pace of the US Federal Reserve’s monetary policy change depends on it.
At the top of the Dow, Boeing shares rose by around five percent. Qatar Airways and the aircraft manufacturer had signed a contract for the purchase of up to 102 machines.
Otherwise, individual shares were strongly moved by analyst studies. Beyond Meat’s shares jumped by a good 15 percent and thus benefited from a positive comment from the major British bank Barclays. The expert Benjamin Theurer identified considerable growth potential in new business channels for the manufacturer of meat substitute products.
Bank Citigroup saw the shares of Netflix and Spotify as entry points after the recent price slumps and recommended buying both. In contrast to most companies that have subscription-based business models, the papers of the streaming provider and those of the audio streaming service are already cheap. Netflix also has pricing power and Spotify can increase its profits through advertising. Netflix’s stock is up more than 11 percent from among the best performers in the S&P 500, and Spotify’s is up 13.5 percent.
Tesla shares were up 10.7 percent. After the price decline since the beginning of the year, there is now also an attractive entry opportunity here, wrote analyst Dan Levy from the Swiss bank Credit Suisse. The expert referred to the very favorable fundamentals of the electric car manufacturer’s papers. The expert expects further volume growth as well as continued strong margins.
The Euro benefited, among other things, from the outcome of the elections in the euro zone and thus remained on the recovery course. Most recently, the common currency cost 1.1234 US dollars. The European Central Bank set the reference rate at 1.1156 (Friday: 1.1138) dollars. The dollar thus cost 0.8963 (0.8978) euros.
On the US bond market, the 10-year Treasury futures contract rose 0.01 percent to 127.97 points. The return on ten-year government bonds was 1.78 percent./la/he
— By Lutz Alexander, dpa-AFX —