Alibaba and Disney are gaining ground
Wall Street is cautiously groping its way into the plus
08/10/2023 11:13 p.m
US stock markets are stabilizing after their recent losses. Positively received inflation data initially boosted prices significantly before the momentum ebbed noticeably again. Two companies in particular can score well.
Wall Street was buoyed by the relief following US inflation data, which showed only a small increase in the rate of inflation. The Dow Jones Index the standard values closed 0.2 percent higher 35,176 points. The tech-heavy one Nasdaq moved up 0.1 percent 13,737 points before. The broad one S&P 500 was hardly changed 4468 points from the trade. Market barometers, however, gave up much of their gains in late business as investors worried about the long-term economic outlook.
The US consumer prices switched in July 3.2 percent after 3.0 percent in June. Experts had assumed 3.3 percent. Investors therefore initially hoped that the US Federal Reserve would take a break from raising interest rates in the fight against inflation, despite the pullback. However, the initially positive mood clouded over in the course of trading.
The hope of an interest rate pause also supported the shares of the large US technology groups. The titles of companies like Microsoft and Amazon won up to 0.5 percent. The nervousness before the data had pushed them into the red before the market. Higher interest rates typically eat away at future profits for high-growth firms.
Investors rely on Alibaba and Disney
The US-listed share of was in demand for other individual values Alibabathat around 4.6 percent gained weight The buying mood of Chinese bargain hunters has given the online retailer the biggest sales boost in almost two years. Thanks to the annual “618” discount campaign, revenues in the past quarter rose by 14 percent to the equivalent of 29.5 billion euros.
Also the results of Walt Disney were well received by investors. The shares of the US entertainment group moved to 4.9 percent before. Disney’s quarterly sales of $22.33 billion just missed analyst expectations. However, its earnings per share of $1.03 were above the average analyst forecast of $0.95. The company also said it is on track to meet its goal of more than $5.5 billion in cost reductions.
In the US luxury fashion industry, meanwhile, a multi-billion takeover is looming: The fashion group Tapestry wants to incorporate the Michael Kors owner Capri for a total of around 8.5 billion dollars. The Tapestry stock almost lost after the announcement 16 percent. capri on the other hand shot by just under 56 percent up to $53.90. Tapestry is offering Capri shareholders $57 a share in cash — a premium of almost 65 percent over the previous day’s closing price.