US indices sluggish
Wall Street hesitant, semiconductor vendors up
08/18/2022, 11:20 p.m
At the close of trading on Wall Street, the Dow Jones ended up just below the 34,000 point mark. Cisco shares, on the other hand, made a noticeable plus, while the papers of a semiconductor manufacturer went through the roof.
US stock markets haven’t made big jumps. Fresh economic data had little impact on prices. Of the Dow Jones Industrial closed a touch below the much-touted 34,000 point mark with a gain of 0.06 percent at 33,999.04 points. The market breadth S&P 500 rose by 0.23 percent to 4283.74 points. The technology-heavy and interest-sensitive Nasdaq 100 gained 0.26 percent to 13,505.99 points.
Sentiment remains fragile after minutes from the US Federal Reserve on Wednesday signaled that the anti-inflationary rate hikes should be continued despite a weakening economy, it was said from the market. While Fed members have hinted that interest rates may eventually rise more slowly, they have also pointed to the risk that inflationary pressures could become entrenched.
In the US they are Sales of existing houses fell more than expected in July. The leading indicators fell slightly less than forecast in July. Even before the start of the stock exchange, it was announced that the business climate in the Philadelphia region had brightened up surprisingly in August. The number of Initial jobless claims fell in the previous week while analysts on average had expected a clear rise.
From a company perspective, the shares of Cisco as the Dow leader with a price jump of 5.8 percent in investor focus. The network supplier performed better than expected in the past quarter thanks to easing problems with the chip supply and gave a positive sales forecast for the current quarter. Analysts of large investment houses then increased the price targets for the Cisco papers.
The titles of wolf speed jumped nearly 32 percent. The manufacturer of semiconductors gave an optimistic outlook for the first business quarter. The shares of Kohl’s dropped by 7.7 percent. The retailer with a good 1,100 branches disappointed with a lowered profit forecast. The profit in the coming year should not even be half as high as previously expected. The shares of Bed Bath & Beyond plunged nearly 20 percent after activist shareholder Ryan Cohen announced a stake sale. According to the information, Cohen’s investment vehicle RC Ventures plans to sell up to 7.78 million shares in the home furnishing retailer.
Of the Euro continued its downtrend from European operations in US trading, falling below $1.01 to its lowest level since mid-July. The common currency was last traded at $1.0090. The European Central Bank had set the reference rate at 1.0178 (Wednesday: 1.0164) dollars. Of the dollar had cost 0.9825 (0.9839) euros.
The courses of US Treasury Bonds gained slightly. The futures contract for ten-year Treasuries (T-Note Future) recently climbed 0.09 percent to 118.88 points. In contrast, the yield on ten-year government bonds slipped to 2.88 percent.