Friday 29 October 2021
Record hunt on Wall Street
US investors put away Apple’s weakness
American investors quickly overcome their disappointment with the balance sheets of tech giants Amazon and Apple. After initial losses, the record hunt on Wall Street is picking up speed again. The Nasdaq marks the next all-time high.
Wall Street has taken the first major setback of the current reporting season well. Despite weak quarterly figures from the two technology groups Apple and Amazon, Dow & Co closed with a slight premium. After initial releases, there was a recovery over time.
“I think investors are calm about Apple and Amazon’s results because they saw an overall strength in the market during the reporting season,” said Keith Lerner, co-chief investment officer, Truist Advisory Services. “You see this quarter that US companies are showing how adaptable they are.”
Of the Dow Jones Index improved by 0.2 percent to 35,820 points. Of the S&P 500 climbed 0.2 percent and the Nasdaq composite closed with a premium of 0.3 percent. The 1625 (Thursday: 2316) price winners were compared to 1704 (1014) losers. 118 (128) titles closed unchanged.
Amazon and Apple in the red
Amazon reported an unexpectedly sharp drop in earnings the evening before the end of trading and only gave a rather bleak outlook on the important Christmas quarter. The retail giant is struggling with problems in the supply chain and with personnel. The result dropped by almost half. That was the sharpest decline in more than four years. The Amazon share fell 2.2 percent.
Apple has meanwhile missed the sales forecast in its fourth fiscal quarter, the iPhone sales were slightly lower than expected. At the same time, the company warned of major problems with the supply chain for the coming months. The share lost 1.8 percent.
Even Starbucks has presented business figures. The coffeehouse chain missed the market’s sales expectations. In contrast, the forecast was slightly exceeded for net profit. The share lost 6.3 percent.
The Covid-19 vaccine from Pfizer / Biontech has been approved by the Food and Drug Administration (FDA) for children five years and older. It is the first vaccination that the U.S. federal health authorities have allowed for this age group. While the Biontech share lost 1.8 percent, Pfizer improved 1.3 percent.
The US subsidiary of the German biopharmaceutical company had a weak IPO Biofrontera on the Nasdaq. The first price was $ 4.09, well below the issue price of $ 5. The papers closed at $ 4.41, down 11.8 percent on the issue price.
Dollar with a strong plus
Of the dollar rose sharply after the previous day’s losses, the dollar index gained 0.8 percent. “The dollar is back on the offensive,” said Karl Schamotta of Cambridge Global Payments. He said in the run-up to the meeting of the US Federal Reserve next week. “Traders are largely expecting the Fed to begin curbing bond purchases, but there remains considerable uncertainty about how policymakers will react to the combination of high prices and slowing growth,” said the participant.
The recovery of the dollar weighed on it Gold pricewhich went from the $ 1,800 mark. “Gold continues to ignore rising inflationary pressures and is instead weighed down by the slow rise in yields and the constant assurances from central banks that the price rise will only be temporary,” said brokerage firm ED&F Man Capital Markets.
the Oil prices gained slightly. “It seems likely that even without another Covid outbreak, supply will exceed demand by the beginning of the new year,” said Michael Lynch, President of Strategic Energy & Economic Research. “I do not think that Opec + will change its plans at the next meeting, which will be positive in the short term,” said Lynch, referring to the meeting next Thursday.