NEW YORK (awp international) – Investors continue to access the New York stock exchanges on Tuesday after the previous day’s records for some indices. A moderate plus was enough for the technology-heavy Nasdaq 100 for the next record, it rose two hours before the end by 0.25 percent to 15 351.51 points. A recovery rally on US notes by Chinese tech firms made headlines there.
The market-wide S&P 500 was also able to just surpass its record set at the beginning of the week, most recently increasing by 0.23 percent to 4489.83 points. For the New York benchmark index Dow Jones Industrial it rose somewhat more moderately by 0.24 percent to 35 419.39 points. He is still a little more than 200 points short of the record level of 35,631 points that he set at the beginning of the previous week.
A few days before the international central bank meeting, which, as in the previous year, will only take place online and not in Jackson Hole, investors’ fears of a possible tightening of US monetary policy have recently diminished again. Investors are now eagerly anticipating what new impressions there will be of future monetary policy. The main focus is on a speech by Fed President Jerome Powell on Friday.
“Until recently, it looked like this would be the perfect platform to lay the groundwork for an interest rate hike announcement in September,” said Craig Erlam of broker Oanda. He suspects, however, that the slowdown in global economic growth in the wake of the spreading delta variant of the corona virus could make the monetary authorities more cautious again. “Any suggestion from Powell that a rate hike might not happen this year could give markets another boost,” said Erlam.
On the Nasdaq, the shares of Chinese companies listed there attracted attention with a recovery rally after they had suffered severely from a Chinese regulatory offensive in the past weeks and months. Above all, the shares of Pinduoduo and JD.com advanced 19.5 and 14.1 percent, respectively. The titles of the two e-commerce platforms each benefited from strong quarterly figures. Bargain hunters then sensed new investment opportunities.
The reason on the market was that star investor Cathie Wood believed in JD shares again after the price slide. There are no signs of relaxation with a view to the regulators, but it has now calmed down on this topic for a few days, it said. Investors picked up a whole host of China stocks with US notes again: The titles of the search engine Baidu, the online retailer Alibaba and the tech company Netease advanced by 6.6 to 9.1 percent.
Good news came from Palo Alto Networks, a provider of security software. Shares jumped almost a fifth in the wake of strong quarterly figures and a raised earnings outlook. This was followed by the shares of the competitor Crowdstrike Holdings by 9.3 percent. They are due to be included in the Nasdaq 100 index on Thursday.
Shareholders at Best Buy were also able to look forward to a significant price increase, with the shares jumping 9.9 percent recently. The electronics retailer significantly exceeded consensus estimates in the second quarter and raised its annual target for comparable sales. At the medical technology manufacturer Medtronic, the shareholders rewarded a surprisingly good quarter with an increase of 3.5 percent.
Worldwide, the travel sector was still friendly on Tuesday – especially among airlines, which also grew in the USA. The papers of American, Delta and United Airlines advanced 3.6 to 4.1 percent in New York. The Jefferies analysts spoke of an easing of the corona situation in China. Michael Hewson from broker CMC Markets referred to the hope that the first regular US approval of a Covid-19 vaccine from the day before the vaccination campaign could give another impetus. / Tih / he
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