Frankfurt On Thursday, investors on the US stock exchange were mainly stocking up on technology stocks. The Nasdaq Composite tech index rose 0.3 percent to 15,973 points. It was mainly driven by the semiconductor manufacturer Nvidia, whose shares shot up by more than eleven percent after a profit jump in the third quarter. Shares in other chip companies such as Advanced Micro Devices and Qualcomm also rose.
The Dow Jones index of standard values started trading with 35,901 points, hardly changed. The broader S&P 500 advanced 0.3 percent to 4,700 points.
“The stock market should continue its year-end rally because of the good reporting season and good economic news,” said Peter Cardillo, chief economist at Spartan Capital Securities in New York. It is a good sign that consumers’ willingness to buy remains high despite the rise in inflation.
The shares of the Chinese Amazon rival Alibaba traded in the US plummeted by more than ten percent. With its results in the second quarter of fiscal year 2021/22, the internet retailer missed the expectations of analysts and forecast the lowest sales growth for the full year since the IPO in 2014. Last week, Alibaba reported its slowest sales growth in the company’s history at the annual online sales festival Singles Day.
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Macy’s: The stock rose more than 20 percent as the retailer reported better-than-expected quarterly sales and earnings and raised its guidance for the full year. Macy’s made $ 1.23 a share for the quarter, well above the consensus estimate of 31 cents. The raised forecast alleviated fears about inventory shortages in the holiday season.
Kohl’s: The paper rose 9.3 percent. This retailer also reported better-than-expected sales and increased its full-year sales forecast. Quarterly earnings were $ 1.65 per share, the consensus estimate was only 64 cents.
JD.com: The enterprise beat estimates in both sales and profits, with the China-based e-commerce company continuing to benefit from continued and increased demand for online purchases. The shares rose by around four percent.
Cisco Systems: The stock slumped 8.6 percent after sales guidance for the current quarter fell short of expectations. The network equipment supplier is faced with supply chain and other problems that drive up costs. Cisco reported higher than expected earnings for its most recent quarter, but earnings were slightly below Wall Street’s forecasts.
Nvidia: The graphics chip maker beat estimates by six cents with adjusted quarterly earnings of $ 1.17 per share. Sales were also above forecasts. Nvidia is benefiting from the high demand for chips for video games and data centers. The share rose 11.5 percent.
Victoria’s Secret: The underwear brand’s stocks are very popular after rising earnings in the third quarter. The titles gained more than 18 percent and are one of the biggest winners on Wall Street. Victoria’s Secret earned 81 cents per share, ten cents more than analysts expected.
More: Twelve stocks that investors can use to invest in the future.