Intel and Apple top, Amazon flop
Wall Street continues to soar
10/28/2022 10:46 p.m
Wall Street says goodbye to the weekend with strong price gains. Intel and Apple in particular can benefit. Online giant Amazon has to make cutbacks due to gloomy forecasts.
Investors on Wall Street were in good spirits ahead of the weekend. After an already strong stock market week, US stocks went one step further today. The leading index Dow Jones Industrial rose by 2.59 percent to 32,861.80 points, giving it a weekly plus of 5.7 percent. The market breadth S&P 500 rose by 2.46 percent to 3,901.06 points.
The US stock exchanges also received support from falling bond market yields over the course of the week. Quarterly figures from intel and Apple were very well received and made up the price losses of Amazon after a dreary outlook from the online retailer in the shadows.
The tech-heavy one Nasdaq 100, which had lagged during the week, was also up sharply, up 3.17 percent to 11,546.21 points. The Nasdaq stock exchange was only initially burdened by high price losses from Amazon. On a weekly basis, however, the Nasdaq 100 remains well behind the Dow with a weekly increase of a good two percent.
Intel wants to save three billion dollars
Amazon shares initially fell by up to 12 percent, most recently the discount was 6.8 percent. At the start, the market capitalization had fallen below the much-noticed threshold of one trillion US dollars. The online retailer justified the cautious forecasts for the important Christmas quarter with high inflation and consumer concerns about a recession. Amazon is feeling the dimmer economic outlook in e-commerce and cloud business, commented bank JPMorgan. Above all, the international business of the globally active group has clouded over.
This was helped by price gains of 10.7 percent intel and 7.6 percent at Apple opposite to. This made the two papers the clear frontrunners in the Dow. For Apple, it was the biggest one-day gain since July 2020. Intel is being hit hard by the downturn in the PC market and is therefore now resorting to extensive austerity measures. In the coming year, the chip group wants to reduce costs by three billion dollars. Analysts found words of praise for this.
Apple is defying the reluctance to consume, mainly thanks to the strength of the iPhone. In the past quarter, the group increased sales by eight percent to 90 billion dollars. Apple is a relatively safe haven in the current stormy environment, wrote Credit Suisse analyst Shannon Cross. The company was surprisingly profitable in the third quarter, according to JPMorgan’s Samik Chatterjee.
Bubbling profits in the oil industry
The papers from T-Mobile US increased by 7.4 percent. After a continued strong influx of customers, the Telekom subsidiary has increased its growth forecast again. T-Mobile CEO Mike Sievert spoke of the strongest increase in the number of contract customers in the company’s history. In the wake of T-Mobile US, Verizon’s shares gained 4.1 percent.
In the US oil industry, meanwhile, profits are bubbling up thanks to high oil and gas prices. ExxonMobil beat expectations with record third-quarter profit of nearly $20 billion. The course rose by 2.9 percent. Also the opponent chevrons has recently earned a lot from the high prices, here the course went up by 1.2 percent.
Of the Euro fell slightly and was last listed at $ 0.9963. The European Central Bank had set the reference rate at 0.9951 (Thursday: 1.0037) dollars. The dollar had thus cost 1.0049 (0.9963) euros. After a three-day recovery, prices on the US bond market fell again. The futures contract for ten-year Treasuries (T-Note Future) lost 0.55 percent to 111.08 points. In contrast, the yield on ten-year government bonds rose to 4.00 percent.