NEW YORK Things looked different on the technology-heavy Nasdaq stock exchange, where investors were disappointed by two particularly heavily weighted companies. The Nasdaq 100 selection index fell 1.46 percent to 15,595.64 points. The market-wide S&P 500 lost 0.50 percent to 4542.77 points.
Johnson & Johnson (J&J), IBM and Travelers led the Dow. The pharmaceutical and consumer goods group J&J once again raised its forecast for the year after an unexpectedly strong second quarter. Between April and June, the group benefited above all from a strong medical technology business. As the leader in the leading US index, the share gained 5.4 percent.
It was followed by the Travelers paper after a predominantly weaker course since mid-June. It rose 2.8 percent even as the insurer was dragged into the red by catastrophe losses in the second quarter. On the market, however, it was said that the expectations of the figures were nevertheless met.
The share certificate of the IT veteran IBM went up by 2.6 percent. The computer and software company did well and confirmed the annual targets, said JPMorgan analyst Brian Essex with satisfaction.
At Tesla, concerns about profitability spoiled investors’ good spirits again. The shares of the electric car manufacturer lost 6.8 percent in the Nasdaq selection index. With the stock soaring more than 140 percent this year to near $300, investors are becoming more skeptical about further gains. Company boss Elon Musk emphasized the willingness to further price reductions if the economic environment continued to deteriorate in times of rising interest rates.
It looked even bleaker with minus 8.5 percent for the Netflix share. A disappointing sales development was blamed for this. According to JPMorgan analyst Douglas Anmuth, the crackdown on password sharing hasn’t had as positive an impact as hoped.
United Airlines shares rose 1.2 percent in the broader market. The airline raised the lower end of its profit target range this year, citing demand on overseas routes as the main reason.
There were also figures from American Airlines, but this was down 6.6 percent. Enthusiasm about a boom in airline business was dampened as American Airlines management expects third-quarter earnings to be in line with market expectations.
2023-07-20 14:56:21
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