Dow Jones closes in positive territory
Amazon and Apple boost Wall Street
07/29/2022, 10:27 p.m
Despite economic worries, US investors grabbed again at the end of the week. Tech stocks in particular are enjoying strong demand. The upswing is being driven by the quarterly figures published by Amazon and Apple the previous evening.
Optimistic prospects from the two technology groups Amazon and Apple lift the spirits of US investors. The US Standard Value Index Dow Jones switched on Friday 0.97 percent on 32,845 points. The broad one S&P 500 and the tech-heavy Nasdaq advanced 1.4 and 1.9 percent, respectively. In the latter case, the increase over the past week added up to 11.4 percent. The Nasdaq thus faced the best July result in its history. The S&P 500 gained almost nine percent during this period and headed for the largest July plus in 83 years.
Amazon exceeded market expectations with its sales for the past quarter and its revenue targets for the current quarter. The online retailer also has the costs surprisingly well under control, praised analyst Tom Forte from the research house DA Davidson. As a result, Amazon shares rose temporarily by just under 13 percentas strong as last half a year ago.
The papers from Apple won three percent. The iPhone provider also surprised positively with its results and sees unbroken demand for its smartphones. Abhinav Davuluri from the research house Morningstar warned that the strong growth of the past few quarters will weaken in the coming months due to inflation and the looming recession.
Oil companies announce record profits
The titles of were also in high demand exxon and chevronswho are around 4.6 and 8.9 percent respectively more expensive. The two oil companies announced record profits and increased share buybacks thanks to high oil and gas prices. Both companies exceeded market expectations with their figures, commented analyst Giacomo Romeo from the investment bank Jefferies.
On the other hand, there were long faces intel. Due to a weakening demand for PCs and supply bottlenecks, the chip manufacturer cut its full-year targets. In addition, the company clearly missed expectations with its quarterly results, complains analyst Gus Richards from the investment bank Northland. It could hardly get much worse for Intel. Intel shares fell more than at times eleven percent to a Five-year low of $35.24.
Contradictory signals from the economy
At the same time, stockbrokers continued to puzzle over the future prospects for the economy. On the one hand, US economic output surprisingly declined in the second quarter. On the other hand, consumer spending rose surprisingly sharply in June despite high inflation. On the crude oil market, the price for the US variety WTI for more 3.5 percent on $99.85 a barrel (159 liters) on.
According to insiders, Opec+ will probably refrain from increasing production volumes in their deliberations next week. The export cartel will at most discuss a moderate increase. US natural gas increased by a good one percent $8.23 per million BTU. The reason given by stockbrokers is the forecast of persistently high temperatures, which is driving up the electricity requirements for air conditioning systems.