Foot Locker surprises positively: Dow is going into the weekend with a plus

Foot Locker surprises positively
Dow goes into the weekend with plus

At the end of the week, the focus on Wall Street is primarily on service providers. They send positive signals and testify to the economic recovery in the USA. However, investors are concerned about possible inflation. The Foot Locker share is unaffected by this.

The US stock exchanges showed restraint towards the end of the trading week. While the Dow Jones Index rose somewhat in a volatile environment, the technology-heavy Nasdaq fell moderately.

The Markit purchasing managers’ indices for the service and manufacturing sector for May, published shortly after the start of trading, in some cases significantly exceeded market expectations. The service PMI jumped to 70.1 points from 64.7 previously. In the manufacturing sector, the index rose to 61.5 points from 60.5. Contrary to expectations, the situation on the US housing market has deteriorated.

The Dow Jones Index closed 0.4 percent higher at 34,208 points, the S&P 500 yielded 0.1 percent. For the Nasdaq Composite it was down 0.5 percent. There were a total of 2,039 (Thursday: 2,210) course winners and 1,312 (1,090) losers. 117 (160) titles closed unchanged.

The data, especially from the service sector, show a clear economic upturn, but also caused investors to worry about rising inflation and thus a tighter monetary policy by the US Federal Reserve. Recently, this had put stock market prices under significant pressure. The day before, strong data from the labor market had also surprised positively.

Deere tighter with a good view

Deere 296.50

Among the individual values ​​rose Deere by 1.3 percent after the agricultural machinery manufacturer exceeded expectations and raised its profit forecast. Flower foods fell 2.2 percent. Although the biscuit manufacturer advanced into the profit zone, sales fell.

The IT security company Palo Alto Networks has convinced with its quarterly figures. The share price rose 5.8 percent. Applied Materials lost 1.3 percent, although the supplier to the chip industry also exceeded consensus estimates in terms of profit and sales. Here, however, a lot has probably already been priced into the price, which has increased by over 50 percent since the beginning of the year against the background of the global chip shortage.

The share of Foot locker gained 2.0 percent. The retailer, which specializes in sports shoes and clothing, surprised positively with its first quarter figures. The company also announced the restructuring of its Footaction branch network.

Tesla Motors (USD)
Tesla Motors (USD) 580.88

Tesla yielded 1.0 percent after initial surcharges. According to reports, Tesla boss Elon Musk has announced a possible production in Russia. Ross Stores gained 0.6 percent after the retailer had come up with above expectations first quarter numbers.

Dollar recovered somewhat

In the forex market, the dollar recovered some of its recent weakness. The dollar index rose 0.2 percent. The euro fell back slightly below the $ 1.22 mark around which it had fluctuated in the past few days. Bitcoin was under selling pressure again after the Chinese government announced its desire to crack down on the creation and use of cryptocurrencies. At the close of the market, Bitcoin was down 11.8 percent at $ 35,919. As early as the middle of the week, there was a massive crash to just under $ 30,000 when Beijing threatened companies with punitive measures if they offered to trade in cryptocurrencies.

Oil prices rose significantly in a countermovement. The prices were driven by concerns about the development of a storm in the Gulf of Mexico. Most recently, it had been a burden that Iran could export more oil in the future if the nuclear deal is revived.

In the bond market, the yield on 10-year US bonds fell slightly. Concern that rising inflation could lead to a turnaround in monetary policy has now diminished somewhat.

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