Wall Street is back on the recovery path.
(Photo: Reuters)
new York After the recent price slide, some investors are returning to Wall Street. The US standard value index Dow Jones closed one percent higher on Thursday at 34,707 points. The tech-heavy Nasdaq advanced 1.9 percent to 14,191 points. The broad S&P 500 gained 1.4 percent to 4520 points.
Bargain hunters are back on the prowl, picking out industries that had previously been hit, said Art Hogan, chief investment strategist at wealth manager National Securities. These included the big technology stocks. The shares of Apple and Google’s mother Alphabet each gained more than two percent. They grabbed even more courageously from chip manufacturers: the stocks from Intel and NVidia posted price gains of up to almost ten percent.
At the same time, stockbrokers closely followed the NATO and G7 summits in Ukraine. The former are increasing their presence in Eastern Europe and the latter are threatening Russia with further sanctions. At the same time, the USA tightened its punitive measures against Russian companies and individuals.
However, the EU refrained from an embargo on Russian energy imports. According to Chancellor Olaf Scholz, this was a conscious decision. A boycott is not manageable for the German economy. “There is still a lot of resistance to a complete oil and gas embargo, but Putin’s demand for ruble payments for these exports could turn the tide here very quickly,” warned analyst Konstantin Oldenburger from the online broker CMC Markets.
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About: Uber was one of the winners on the US stock market with a price increase of almost five percent. According to the driving service agent, the company’s app will also be able to book New York taxis in the future.
US stock market expert Koch: “Tug of war between bulls and bears determines Wall Street”
Spotify Technologies: Spotify shares fall 0.3 percent. Subscribers are now able to sign up for the service directly through the Google Play Store.
Game Stop: The video game retailer’s shares were up 14.5 percent on Wednesday. The stock gained for the seventh day in a row. Today, Gamestop slipped around three percent into the red.
Logitech: The manufacturer of keyboards, mice and other computer devices increases by 6.5 percent. Bank of America Securities previously recommended buying Logitech shares. The stock is at an attractive entry point given its growth prospects and strong track record.
Nikola: Nikola shares were also in high demand, rising in price by up to 19.3 percent. In the end there was still a plus of 5.7 percent. The provider of electric commercial vehicles started production of its Tre truck. According to the information, the company wants to deliver up to 500 of these tractors in 2022.
Carrier: Traeger shares, on the other hand, caused investors to fall. At times, they posted a record price drop of a good 22 percent and, at $6.83, were cheaper than ever since the IPO around nine months ago. In their wake, rival Weber’s titles lost almost eight percent. Traeger is targeting revenues of $800 million to $850 million for 2022, falling short of market expectations. This calls into question management’s ability to cope with the current supply chain problems, warns analyst Randal Konik of investment bank Jefferies. He downgrades the shares to Hold from Buy.
More: “Gray swans”: Investors should pay attention to these five risks