Stocks New York Outlook: Wall Street Continues Recovery | 07.10.21

NEW YORK (dpa-AFX) – The US stock exchanges are likely to continue their recovery course on Thursday that began the day before. A good hour before the start of trading, the broker IG estimated the Dow Jones Industrial (Dow Jones 30 Industrial) with 0.8 percent plus at 34,699 meters. The upward trend for the technology-heavy NASDAQ 100 is likely to be even stronger, with an increase of around 1 percent to 14,923 points recently indicated.

The day before, the US benchmark index had finally made gains after an initially bumpy decline. A sigh of relief among investors was caused by the fact that an agreement between Democrats and Republicans was emerging in the US Congress over the debt ceiling. This could at least temporarily avert a default by the USA.

This provides some relief after investors have been increasingly concerned over the past few weeks about rising inflation and the weakening economic upswing. Fear among investors of an energy crisis has at least weakened somewhat after Russia’s promise to examine additional gas deliveries.

On the data side, on this trading day, the decline in weekly initial jobless claims, which was already published before the trading day, became a topic of discussion. The US government’s US labor market report will be published on Friday. For stockbrokers, it is an important indicator of the further monetary policy of the US Federal Reserve, which is feared that it could raise interest rates faster than expected. This week, the labor market service provider ADP had already reported an unexpectedly strong job creation in the private sector in September.

On the corporate side, oil stocks are still under observation – with Russia’s commitment, prices recently stopped their soaring. Biontech (BioNTech (ADRs)) were already in demand with a price increase of more than three percent before the trading session. Together with its US partner Pfizer, the company submitted an application to the authorities for emergency approval for its corona vaccination for children aged five to eleven. Pfizer shares rose by around one percent before trading began. The vaccine manufacturer Moderna has meanwhile announced investments of half a billion US dollars to build a production facility in Africa.

The oil field service provider Schlumberger should also be worth a look after a buy recommendation by JPMorgan (JPMorgan ChaseCo). In addition, investors have the opportunity to react to the figures presented the day before after close of trading and the increased annual outlook for jeans manufacturer Levi Strauss. / tav / nas

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