Dow Jones almost at 32,000
Wall Street back on track
10/25/2022, 10:35 p.m
The US stock markets continue to rise. Once again, the major indices are making decent gains. Above all, tech stocks like Nvidia are again in great demand among investors. Corporate balance sheets are also better than expected.
Stronger-than-expected corporate balance sheets and hopes that the Fed will not hike rates as much are boosting sentiment Wall Street. The leading index Dow Jones gained 1.1 percent to 31,836 points. The tech-heavy one Nasdaq advanced 2.3 percent to 11,199 points, the broad S&P 500 1.6 percent to 3859 jobs. the US house prices in August and consumer sentiment in October fell more than expected.
“After hopes of a reversal of interest rate hikes revived last Friday, bad news is good news for the markets again,” said analyst Konstantin Oldenburger from broker CMC Markets. The currently published weaker, but not too weak economic data thus played into the hands of investors.
Because of the dwindling rate hike fears The 10-year Treasury yield fell to 4.075 percent. Technology stocks were accordingly on the upswing. The papers from Apple increased by 1.9 percent, that of the graphics card manufacturer Nvidia by 5.2 percent. According to experts, rising inflation and higher interest rates will devalue the future profits of these high-growth companies.
That lb was firmer around the handover to British Prime Minister-elect Rishi Sunak. It rose 1.8 percent to $1.1473. Of the dollar indexwhich reflects the exchange rate for major currencies, fell by one percent to 110.87 points.
“Positive attitude towards the tech company profits”
Microsoft and the Google parent alphabet each gained more than one percent ahead of their expected after-market balance sheets. There is a positive attitude towards technology company profits, said Giuseppe Sette, head of research house Toggle. “In a way, their ability to weather an inflationary cycle is strong – especially since the tech industry has always been very flexible in its pricing.”
were also asked PayPal, which gained 7.1 percent. Amazon wants to use a payment processor platform in the future. The customers of Coke not deterred. The titles increased by 2.4 percent after the quarterly figures were more robust than expected. General Motors impressed with a surprisingly high quarterly profit. The title of the largest US automaker increased by 3.6 percent.
At the same time investors returned General Electric back after a slump in profits. The titles of the US industrial group fell 0.5 percent. The armaments company Raytheon fell 1.5 percent after a forecast cut.