At the close of the US market, Netflix presented its quarterly figures.
(Photo: dpa)
Frankfurt The monetary policy decisions of the US Federal Reserve, which were received with relief, and encouraging company balance sheets are giving Wall Street renewed tailwind. The leading indices Nasdaq and S&P 500 rose up to 0.9 percent on Thursday to record highs of 15,961.25 and 4683 points, respectively. Only the Dow Jones initially missed a new record. It crumbled 0.3 percent to 36,036 meters.
“We are still optimistic about corporate earnings,” said Bob Sechan, co-founder of asset manager NewEdge. “They will develop strongly across the board.” Finally, the coronavirus pandemic has passed its peak and the economy is normalizing in full swing.
Against this background, the US Federal Reserve is reducing the volume of its securities purchases, as expected. At the same time, Fed Chairman Jerome Powell dampened speculation that interest rate hikes would be imminent. “Powell confirmed once again that this measure is a step towards normalizing monetary policy and does not necessarily reflect a restrictive attitude,” said Achim Stranz, chief investor at the asset manager Axa Investment Managers.
Nevertheless, the dollar index, which reflects the exchange rate in relation to major currencies, rose by 0.6 percent. Apparently, investors used the previous price losses to get started, said investment strategist Kit Juckes from Bank Societe Generale. Investors also took hold of US Treasuries. This pushed the yield on trend-setting ten-year Treasuries down to 1.512 percent.
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Meanwhile, the oil price went on a roller coaster ride. On the one hand, “Opec plus”, which includes the members of the export cartel and other producing countries such as Russia, is not giving in to international pressure for a more rapid expansion of production and is further increasing the quotas by 400,000 barrels per day per month.
On the other hand, the Al Arabiya broadcaster reported that Saudi Arabia’s oil production will exceed ten million barrels a day for the first time since the outbreak of the coronavirus pandemic. In the evening, the US oil type WTI was down one percent at $ 80.09 per barrel (159 liters).
Look at further individual values
Nikola: The prospect of a comparison with the US Securities and Exchange Commission in the dispute over statements by the company founder gives Nikola the largest price jump in half a year. The shares of the supplier of electric trucks rise by almost 20 percent. The company is reportedly paying $ 125 million because, according to the SEC, Trevor Milton is said to have made tens of millions of dollars through misleading statements about the company’s products. Milton must therefore also answer criminally.
ViacomCBS: The share fell 1.6 percent. The company had exceeded estimates with its quarterly results and sales also fell better than expected. Results in both the streaming and TV businesses were strong.
Moderna: The stock plunged more than 16 percent after the company suffered a setback in both quarterly results and earnings and lowered its earnings guidance for the full year. Moderna earned $ 7.70 a share versus the consensus estimate of $ 9.05.
Merck & Co. The approval of Merck & Co’s coronavirus drug in the UK pushes the pharmaceutical company’s shares to a record high. They rise 2.4 percent on Wall Street to $ 90.80.
Electronic Arts: Electronic Arts reported adjusted quarterly earnings of $ 1.49 per share, compared to a consensus estimate of $ 1.17. The video game maker also outperformed sales. EA also raised its full year outlook, benefiting from the strength of its sports-themed games. Electronic Arts gained 2.9 percent.
MGM Resorts: Shares rose 0.6 percent on the stock market after the company announced it would sell its Mirage casino operations in Las Vegas to another operator. However, MGM said it had not yet reached a sales agreement and did not provide names of potential buyers.
Nerd wallet: Nerdwallet’s shares can nearly double their price on their US stock market debut. They’re up more than 90 percent to $ 34.44. In the $ 130.5 million issue, the California-based online financial advisor’s papers were issued at $ 18 each.
Chip manufacturer: A price jump at Qualcomm encourages investors to join other chip manufacturers. AMD and NVidia shares soar to record highs of $ 136.75 and $ 301.32, respectively. Qualcomm titles gain around 15 percent after strong business figures and an optimistic outlook.
More: 15 stocks with market power: who sets the prices in times of inflation.