No new records are in sight on the US stock exchanges.
(Photo: AP)
Dusseldorf US investors quickly got over their disappointment with the balance sheets of tech giants Amazon and Apple. After initial losses, the record hunt on Wall Street picked up speed again on Friday. The US leading index Dow Jones gained 0.3 percent to 35,819.56 points. The tech-heavy Nasdaq advanced 0.3 percent to 15,498.39 points and the broad S&P 500 gained 0.2 percent to 4,605.38 points.
Market observer Jochen Stanzl from broker CMC Markets currently sees the US stock exchanges in a “really powerful bull market”. “The desire to buy stocks is unbroken, especially in the Nasdaq 100 technology index – despite an initial negative reaction to the quarterly results of Amazon and Apple,” said the expert. The interest rate worries ahead of the next interest rate decision by the US Federal Reserve in the coming week were well taken off by the stock markets due to an overall astonishingly good reporting season.
Despite rising inflation, US consumers remained in the buying mood in September, which calmed investor nerves. Consumer spending increased by 0.6 percent compared to the previous month, a little more than economists expected. Private consumption is considered to be the backbone of the US economy.
However, the mood was depressed by the disappointing business figures from Amazon and Apple. Delivery bottlenecks affected the business of the online retailer and the iPhone provider and could also threaten the important Christmas business. The shares were still able to recover from their daily lows and were then 2.1 and 1.8 percent in the red.
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“The reason everyone looks at Apple and Amazon is because they are weighty and weaken the Nasdaq, but it definitely won’t affect sentiment much about strong corporate balance sheets,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
Thanks to Apple’s price losses, Microsoft wrested the crown from its competitor as the world’s most valuable company on the stock exchange. Apple’s market value shrank to $ 2.48 trillion. Microsoft shares, however, were more expensive than ever before and closed 2.24 percent in the plus at 331.62 dollars. The market capitalization was above Apple’s for the first time since mid-2020 at $ 2.49 trillion. The software group had convinced investors with its latest business figures.
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US stock market expert Koch: “The resilience of the market is remarkable”
Exxon Mobile: The world’s second largest oil company is benefiting from the rise in oil prices. In the third quarter, the group achieved a net profit of 6.75 billion dollars, more than analysts had expected. In the same period last year he had posted a loss of $ 680 million. Oil and gas prices more than doubled in the past year, which benefited the group. Exxon stocks rose nearly one percent on Wall Street.
Chevron: The US oil company posted its highest quarterly profit in 8 years. Like Exxon, it benefited from oil prices. Chevron posted earnings of $ 2.96 per share for the third quarter. The company’s stock also rose around one percent. Both Chevron and Exxon plan to invest the unexpected gains in share buybacks.
Starbucks: On the other hand, rising new corona infections in China ruined the coffeehouse chain Starbucks’ balance sheet. The shares soared by more than six percent in the depth.
Tesla: However, the shares of the electric car pioneer Tesla braced themselves against the Nasdaq weakness with an increase of 3.4 percent. They made it past the round $ 1,100 mark for the first time. The strong run, especially in the past 14 days, was thus continued.
Facebook: Things also continued to improve for Facebook shares after a recovery was initiated with the renaming announced the previous evening. On Friday the papers advanced another 2.1 percent. The group is giving itself a new name with the umbrella brand Meta and wants to develop a communication platform of the future.
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