Optimism again in New York: Nasdaq and S&P 500 at new record highs

On Wall Street, the optimists are back in control. Also because there doesn't seem to be a new trade war with China, prices are rising. The tech values ​​in particular are strong.

There has been another battle on Wall Street between corona winners and cyclicals. Whereas the day before the latter had overtaken the technology stocks that were strong during the crisis, the tech stocks listed above all on the Nasdaq were again ahead on the reporting day. This rollercoaster has been going on for some time: If investors play the recovery, fueled by economic data and vaccine hopes, they go into cyclicals. If fears that there will be lockdowns and restrictions for a long time to come, profiteers and online values ​​are in demand.

Of the Dow Jones Index lost 0.2 percent to 28,249 points. Of the S&P 500 improved by 0.4 percent. Of the Nasdaq Composite rose by 0.8 percent. At Nyse there were 1,390 (Monday: 2,110) course winners and 1,610 (910) losers. 78 (63) titles closed unchanged.

The hope of easing the US-Chinese dispute supported the courses. The market-wide S&P 500 and the technology-heavy Nasdaq composite marked further record highs. High-ranking representatives from the USA and China continued their negotiations on trade disputes in a conference call and assured each other that they would work towards defusing their trade conflict.

"Of course it's positive to have news like this – it's comforting. It's not in the interests of the US and China to wage a new trade war," said market strategist Nadege Dufosse of wealth manager Candriam. However, the expert does not see sufficient reasons for buying shares in the current headlines.

Especially since the data was not up to par. "US consumer confidence is disappointing," said Heino Ruland of Ruland Research. Of the Conference Board August Index has fallen significantly, contrary to expectations, to 84.8 from 91.7. "Without the consumer, the entire economic recovery will remain shaky, and the stock market upswing could turn out to be a flash in the pan," said Ruland. The strong sales of new buildings, for example, did nothing to change that.

Dow conversion moves courses

The focus was also on the restructuring of the Dow Jones index: this must be done Exxon, Pfizer and Raytheon leave, the shares are through Salesforce, Amgen and Honeywell replaced. These are the biggest changes in the leading index since 2013. The extensive changes were triggered by Apple's announcement of a 1: 4 stock split. The shares of Exxon Mobil, Pfizer and Raytheon lost up to 3.2 percent. The Dow climbers delivered the opposite picture: Salesforce, Amgen and Honeywell rose by up to 5.4 percent. The changes will be implemented on August 31st.

The shares of Palo Alto lost 2.3 percent, although the IT security company exceeded market expectations with its results for the fourth quarter. Both sales and adjusted earnings per share were above expectations. In addition, there was a convincing outlook for the first quarter. However, product revenues continue to face challenges. Palo Alto also announced the acquisition of Crypsis for a total of $ 265 million in cash.

Safe havens are avoided

The hope of easing the tension in the US-Chinese trade dispute weighed on the supposedly safe retirement haven. The 10-year US Treasury bond yield rose 2.9 basis points to 0.69 percent. The core message is that both sides feel bound by the phase one deal, said one pension strategist.

Of the Dollar exchange rate on the basis of the DXY dollar index on the foreign exchange market fell by 0.3 percent. gold fell massively for the second day in a row, but then recovered significantly from the daily low. The troy ounce finally lost 0.2 percent to $ 1,929. Similar to the bond market, gold as a safe haven is losing its attractiveness given the positive mood in the financial market, it said. Since the record high on August 7, the price has already lost almost 8 percent.

Different prices for oilthat attracted and benefited from the headlines. A relaxation in the trade dispute could fuel demand, it said. In addition, prices were supported by the tropical storms in the Gulf of Mexico, one of which was upgraded to hurricane level in the course of US trade. These are forcing oil platforms to stop production at sea, but oil installations on land are also affected. The barrel of US light oil of the variety WTI The price of North Sea oil rose 1.8 percent to $ 43.39 Brent 1.7 percent to $ 45.90.