Dell is making huge strides upwards
Nasdaq climbs to record high
March 1, 2024, 11:02 p.m
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Led by technology stocks, Wall Street is trading at a premium. The winner of the day is once again the chip sector, led by AI top dog Nvidia. A regional bank finds itself in difficult waters.
Buoyed by a rally in the tech sector, US stock markets rose on Friday. The Dow Jones Index The standard values turned positive on Friday afternoon and closed 0.2 percent higher at 39,087 points. The technology-heavy one Nasdaq advanced 1.1 percent to 16,274 points. The broad one S&P 500 increased 0.8 percent to 5137 points. It was a record close for the Nasdaq index and S&P 500 index.
The hype surrounding the topic of artificial intelligence and a strong earnings season had recently driven the stock markets to new heights. All three market barometers posted price gains in February for the fourth month in a row. AI industry top dog Nvidia had triggered the wave of euphoria with his forecast. On Friday, the chip designer’s shares gained four percent. For the papers of Intel it went up by 1.8 percent and Advanced Micro Devices rose by 5.3 percent.
The positive mood on the stock markets was also fueled by the latest US inflation data, which underpinned market expectations of an interest rate cut by the Fed in June. “All the economic data is not too hot, not too cold and is pretty solid,” said Randy Frederick, founder of Randy Frederick Media. “All you want is just a solid business environment, people keeping their jobs and having money to spend. All of that happens.” The US Federal Reserve has kept the key interest rate in the range of 5.25 to 5.50 percent after a phase of sometimes sharp increases. In their interest rate outlook for 2024, the monetary authorities had announced a total of three steps downwards – i.e. a reduction in interest rates by 0.75 percentage points. They will present an updated outlook at the March meeting.
However, US industry has recently accelerated its decline. The ISM Purchasing Managers’ Index for the sector fell to 47.8 points in February from 49.1 points in the previous month. Economists surveyed by Reuters, however, had expected an increase to 49.5 points. As a result, yields on the bond markets fell. The ten-year US Treasuries Interest was charged at 4.199 percent after 4.252 percent on Thursday.
Price fall at regional bank
The regional bank’s share price collapse caused concern in the financial sector New York Community Bancorp of around 26 percent caused a stir. The lender said it had identified “material weaknesses” in internal controls related to its loan review. The loss for the fourth quarter was ten times as high as originally announced. The KBW regional bank index fell by 1.3 percent.
Investors liked higher operating costs Zscaler not. The cybersecurity company’s shares fell by more than nine percent. Papers from Dell However, stocks were hot after the PC maker forecast annual sales and profits above Wall Street estimates. The shares took off by almost 32 percent.
Dow heavyweight stocks Boeing fell 1.8 percent. According to a newspaper report, the aircraft manufacturer, which is struggling with quality problems, is in talks to buy supplier Spirit AeroSystems. Boeing spun off the former subsidiary in 2005.