new York After the speech by US Federal Reserve Chairman Jerome Powell, investors on Wall Street are only on the move with the handbrake on. In the case of technology stocks, on the other hand, investors increasingly grabbed them again in late trading. The Dow Jones index of standard values closed 0.6 percent higher on Tuesday at 33,704 points. The tech-heavy Nasdaq advanced one percent to 10,742 points. The broad S&P 500 gained 0.7 percent to 3919 points.
“The comments made by Powell, speaking in Sweden today at an event hosted by Sweden’s central bank, failed to further influence the market,” said analyst Konstantin Oldenburger of online broker CMC Markets. The Fed chair has merely reiterated that restoring price stability when inflation is high may require unpopular short-term measures. He did not comment on the forecast for further rate hikes by the Federal Reserve. “So nothing new from monetary policy,” commented Oldenburger.
Marketers are hoping for further indications of the Fed’s future rate hikes from the US inflation figures on Thursday. “It will probably be the most important data point this week and will certainly give us some clarity on the direction of inflation,” said Mona Mahajan, senior investment strategist at financial services firm Edward Jones. Until then, investors are likely to remain in wait.
Interest rate concerns supported the dollar, which is seen as a safe haven in times of crisis. The dollar index, which reflects the exchange rate against major currencies, gained 0.1 percent to 103.27 points. The euro was barely changed at $1.0733. At the same time government bonds flew out of the depots. In return, yields rose. The 10-year US bond returned 3.607 percent compared to 3.517 percent on Monday.
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Stock market expert Koch: “Reluctance to consumer prices”
Look at other individual values:
Virgin Orbit: Richard Branson’s Virgin Orbit titles plummeted 14 percent, falling to an all-time low. The company has failed in an attempt to launch Britain’s first satellite into orbit from its own soil.
Broadcom: Broadcom stocks were also under pressure, losing 0.3 percent. The agency Bloomberg had reported that the US technology giant Apple wanted to do without chips from the Californian chip manufacturer and its rival Qualcomm in the future and instead use its own parts.
Warner Bros Discovery: Buy recommendations from major US banks encouraged investors to invest in Warner Bros Discovery. The titles of the New York TV broadcaster and streaming provider jumped by more than eight percent. The experts from Bank of America and Goldman Sachs had classified the stock as a “top pick”. The group has largely completed its costly restructuring and is on course for a recovery in the new year.
Oatly: A partnership with Norwegian retailer Reitan pushed US-listed Oatly stock to a three-month high. Shares of the Swedish soy and oat milk maker gained more than 13 percent on Wall Street to $2.7. In the future, Oatly products will be available in coffee machines in almost 400 supermarkets operated by Reitan in Sweden.
Boeing: Boeing shares lost almost one percent. They were no longer able to benefit from solid delivery figures in December; instead, investors took price gains with them, as they did the day before. Boeing had risen by 76 percent since the beginning of October.
Sotera Health: Smaller stocks caused a stir on Tuesday. Sotera Health’s stock nearly doubled. The provider of sterilization solutions and laboratory tests has dropped its lawsuit against competitor Sterigenics in an Illinois court and received $408 million from the latter.
CVSHealth: Pharmaceutical retailer CVS Health is considering a takeover of Oak Street Health, a primary care center operator, according to a report by Bloomberg news agency. Its shares shot up almost 28 percent, while CVS Health’s fell 0.9 percent.
CureVac: The shares of the vaccine manufacturer Curevac were again in focus. After rising by around 55 percent in the past two trading days, they rose by a further 20 percent on Tuesday. The trigger was a positive interim report on the Tübingen company’s flu vaccine program.
Illumina: Illumina fell 6.2 percent after the genetics specialist said earnings this fiscal year will be significantly lower than analysts had expected.
Bed, Bath & Beyond: Bed Bath & Beyond’s stock rose nearly 28 percent after the home decorator’s quarterly figures. For the shareholders, this should nevertheless be a drop in the ocean, as the shares had lost 95 percent from the high in the summer of last year.
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