Wednesday, September 1st, 2021
Nasdaq with a new record
Wall Street closes inconsistently
The record rally among the sensitive US tech stocks has started again after a day’s break. Market participants are confidently looking ahead. This affects the longed-for global recovery from the Corona crisis, but even more so – the hope for continued support from the central banks.
Some investors are returning to Wall Street in the hope of more stimulus from the US Federal Reserve. The technology index Nasdaq closed 0.3 percent higher to 15,309 points, marking a new record. This rally was supported by price gains in large corporations such as Apple or the Google mother alphabetwhose shares also hit new highs. The U.S. Standard Values Index Dow Jones however, dropped 0.1 percent to 35,312 points. The broad one S&P 500 went out of the market little changed at 4524 points.
The speculation about additional Fed cash injections was fueled by disappointing labor market data. According to the ADP agency, the increase in jobs in August, at 374,000, was only about half as strong as hoped. If the official data developed similarly on Friday, the Fed will withhold any signals in the direction of curbing its asset purchases until the labor market is back on track, said Sam Stovall, chief investment strategist at research firm CFRA.
Headwind for China’s economy
In China, too, the economy is no longer running smoothly. For the first time since the outbreak of the coronavirus crisis, production in the local industry declined. Crude oil investors reacted with relief to the decision of Opec + on the production quotas. The major exporting countries did not give in to the US’s urging for a quick increase and are sticking to their plan to expand production by 400,000 barrels a day. the US oil grade WTI then narrowed their losses almost completely and cost 68.39 dollars a barrel (159 liters).
One of the favorites on the US stock market was PVH with a price increase of a good 15 percent. This is the biggest price jump in a good three quarters of a year. The mother of the fashion brands “Calvin Klein” and “Tommy Hilfiger” made in the past quarter with a turnover of 2.31 billion and a profit of 2.72 dollars per share and exceeded the market expectations in both cases. On this basis, the company is aiming for a profit of $ 8.50 instead of $ 6.50 per share for the year as a whole.
Even Campbell surprised positively with its business figures. The soup company generated earnings of $ 0.55 per share on sales of $ 1.87 billion. The company also increased the volume of planned share buybacks. The full year targets, however, disappointed somewhat, commented analyst Rob Dickerson of the investment bank Jefferies. Investors should keep an eye on rising costs. Campbell titles gained more than two percent.
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