The corona crisis is long over on Wall Street, and the Nasdaq and S&P 500 are improving their record highs again. Also because of huge increases in Facebook and Netflix.
The rally on Wall Street continues. The S&P 500 and the Nasdaq Composite hit unprecedented highs. As in the previous day, the Dow Jones standard lagged as online, software and other technology stocks advanced. Of the Dow Jones Index lost 0.3 percent to 28,332 points. Of the S&P 500 improved by 1 percent. Of the Nasdaq Composite increased by 1.7 percent. At Nyse there were 1,178 (Tuesday: 1,390) course winners and 1,835 (1,610) losers. 72 (78) titles closed unchanged.
The upward trend was also supported by good economic data. The Incoming orders for durable goods rose surprisingly by 11.2 percent in July. Economists had expected an increase of 5.0 percent on the previous month. In June, according to revised data, an increase of 7.6 percent was recorded. The desire to buy was slowed somewhat by the recent development of new corona infections in the USA, which rose again for the second day in a row, but was still below the values of the past weeks.
The presidential election campaign, the upcoming central bank meeting in Jackson Hole and the hurricane season also caused investors to act cautiously. In addition, many market participants are still on vacation. On the other hand, however, the flood of cheap money supports the stock market, according to the trade.
Speculation about Fed inflation target is driving bond rates
Government bonds were again not asked. Falling prices caused the ten-year yield to rise by 0.8 basis points to 0.69 percent. On the bond market, too, the players were eagerly awaiting the speech by Fed Chairman Jerome Powell on Thursday. "As a central innovation, the Fed could in future strive for an average inflation rate of two percent over the entire economic cycle instead of trying to keep the current inflation around this target value," said Ulrich Stephan, the company's investment strategist. "Since the US inflation rate has been 1.6 percent over the past ten years, this would imply a long-term loose monetary policy," he added. While the prices of short maturities should not react in Stephen's opinion, the prices of the cross-country skiers should then fall, so the yields rise.
Of the Gold price recovered after several days of weakness. The troy ounce gained 1.3 percent to $ 1,953. Participants took advantage of the lower prices because they expect the gold price to continue to rise.
Meanwhile, Hurricane "Laura" gained strength and is moving towards the US states of Texas and Louisiana. Oil production in the Gulf of Mexico was largely stopped as a precaution, which caused the Oil price tended to be based. However, oil prices had risen sharply since their lows in late April. And last but not least, there is still an oversupply of oil that "Laura" should not be able to remove, it said. On the other hand, inventories in the US have fallen more than expected. In this mix, the barrel of US light oil of the grade won WTI 0.1 percent to $ 43.40. Brent oil lost 0.5 percent to $ 45.62.
Of the Euro was little changed against the dollar at 1.1830. The common currency has set up in a sideways movement, said Commerzbank. The trading range is a little below $ 1.18 on the downside and around 1.1850 on the upside. Among other things, the infection situation in Europe speaks against an upward trend in the euro, and at the same time it is not the right time for dollar strength.
Salesforce and Hewlett Packard searched for numbers
Exploded among the individual values Salesforce by 25 percent. The software manufacturer, which will join the Dow Jones Index on Monday, has raised its annual targets when it presented quarterly figures. The numbers for are also surprisingly good Hewlett Packard Enterprise failed. For the share it went up by 3.3 percent. The shares of the construction company specializing in home ownership Great Brothers fell 1.7 percent. Here, too, the quarterly figures exceeded market expectations, although the share had recently performed well. The price has more than tripled since the low in March.
The clothing company's stock reacted with a huge rate of 21.4 percent Urban Outfitters on the numbers for the second fiscal quarter. Although sales fell compared to the previous year, they exceeded expectations. Urban Outfitters also ended the quarter with a profit, contrary to expectations. The share of Moderna up 6.4 percent after the company reported success testing its Covid-19 vaccine. Accordingly, older subjects responded to the vaccination as well as younger ones.
The Facebook share rose to a record high, breaking the $ 300 mark for the first time. The titles rose 8.2 percent to $ 303.91. Netflix rose by 11.6 percent. Piper Sandler analyst Yung Kim pointed out that the company gained 26 million subscribers in the first half of the year, almost as many as in all of 2019 (28 million), boosted by the corona pandemic.
. (tagsToTranslate) Stock Trading (t) Wall Street