Börse Express – New York stocks: Dow and S&P 500 with further records

NEW YORK (dpa-AFX) – Wall Street continued its most recent record run on Friday with a brake. Technology stocks, on the other hand, were held back by the gloomy outlook for some companies in the industry. Stress also came from current statements by US Federal Reserve Chairman Jerome Powell, who once again signaled the beginning of an exit from the loose monetary policy. “We are well on our way to begin reducing our bond purchases,” said Powell. The so-called tapering should be completed in mid-2022 if the economy as a whole develops as expected.

Der Dow Jones Industrial rose in early trading to another record high at 35,765 points and was most recently 0.19 percent higher at 35,670.40 points. This indicates a weekly gain of around one percent for the US benchmark index. The market-wide S&P 500 also posted a record high, but turned into the red and recently lost 0.13 percent to 4543.65 points. The tech-heavy Nasdaq 100
lost 0.85 percent to 15 358.32 points.

The quarterly reports from Intel that were published the evening before
and snap dampened the good mood for technology stocks. Intel is being held back by the global shortage of components. Although the group was able to post increases in sales and profits in the past quarter, it scared investors away with the announcement that the business would initially be less profitable in view of the high investments in new plants. Shares fell 12 percent as the clear bottom in the Dow.

The Snap papers fared even worse, plummeting by more than 25 percent. The operator of the photo app Snapchat is according to its own information in its advertising business from Apple
Measures for more privacy on the iPhone have been caught hard. Supply chain problems also had a negative impact because customers invested less in marketing. Jefferies analyst Brent Thill reckons that these difficulties will weigh on Snap’s revenues for at least another two to three quarters.

The titles of Beyond Meat suffered from a reduced sales forecast of the meat substitute producer for the third quarter and sagged by more than 14 percent. The company claims it is battling declining retail orders, operational challenges and the ongoing effects of Covid-19.

A number of other companies opened their books on Friday, including oil field service provider Schlumberger , the conglomerate Honeywell , the home appliance manufacturer Whirlpool and American Express (Amex)
. The credit card company generated more sales than expected in the past quarter and was able to increase its profit significantly thanks to higher spending by its customers. The Amex stocks were the front runners in the Dow with a gain of 6.3 percent.

Tesla’s shares continued their rally the day before and rose 1.5 percent to a record high. The day before, the electric car manufacturer had shone with impressive business figures. “Tesla achieved records in the third quarter in terms of production, deliveries, sales and also in terms of earnings,” praised analyst Frank Schwope from Landesbank NordLB./edh/he

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0270 2021-10-22/20:26

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