indexes in this article
NEW YORK (dpa-AFX) – After two very weak weeks, Wall Street will probably start a new stabilization attempt on Friday. The leading index Dow Jones Industrial (Dow Jones 30 Industrial) was valued by the broker IG about an hour before the start 0.8 percent higher to 30,166 points. In the past few trading days it had collapsed by almost 10 percent and on Thursday fell below 30,000 points for the first time since January 2021.
The rudder is currently in the hands of the central banks. They are trying to curb the immensely high inflation by raising interest rates – with the risk of slowing down the economy. On Wednesday, investors reacted calmly to the US Federal Reserve’s 0.75 percent rate hike, the largest since 1994. However, when the Swiss National Bank surprisingly raised its key interest rate significantly the day before, the dams burst in Europe and the USA. However, they also have to act, since high inflation also harbors economic risks, since people then change their consumer behavior.
The market-wide S&P 500 was even worse with a minus of 11 percent in around two weeks and threw it back to the lowest level since the end of 2020. In view of the recession worries, it slipped into the so-called Brenmarkt at the beginning of this week. This is what Brsians call the phase of persistently falling prices as soon as a price barometer has moved at least 20 percent from its record high. The S&P 500 is now expected to have recovered one percent on Friday. The technology selection index NASDAQ 100 beckons to stabilize by 1.2 percent at the low since autumn 2020.
Meanwhile, Adobe Systems (Adobe) is under pressure. Despite the business figures being better than feared, many analysts lowered their price targets for the software manufacturer, whose outlook was not convincing. Deutsche Bank expert Brad Zelnick thought it was a wise move to lower expectations, but he also capped his price target.
Meanwhile, US Steel (United States Steel) is clearly on the up. Like some of its competitors, the US steel group has been surprisingly positive about business development in the current quarter and has issued an earnings target range (EPS) above the consensus estimate, said analyst Jitendra Pandey from Credit Suisse (Credit Suisse (CS))./ag/mis
–
