NEW YORK (dpa-AFX) – The most recent setback on the US stock market was followed on Wednesday by a strong recovery movement. After quarterly reports from numerous companies, which were largely received positively, and US economic data giving cause for optimism, the Dow Jones Industrial around two hours before the market close by 0.55 percent to 32,573.34 points. However, the most important Wall Street index has not yet been able to fully make up for its losses since the beginning of the month.
The situation was different for the market-wide S&P 500
and the Nasdaq 100 technology selection index , which are now building on their strong run in July: The S&P 500 advanced by 1.58 percent to 4156.03 points. The Nasdaq 100 gained 2.65 percent to 13,244.09 points. In the previous two days, the US indices had weakened after an unusually strong month of July. While they were still quite stable on Monday, things went down a little more clearly on Tuesday. Threats from China over the visit of US House Speaker Nancy Pelosi to Taiwan and comments from regional Federal Reserve Governors on the subject of inflation weighed heavily.
The focus of investors on this day was primarily the data on economic development in the United States. The mood in the US services sector improved surprisingly in July and the ISM services is also clearly in the growth area. “There are no indications of a contraction in the sector and against this background growth worries should tend to diminish,” said Helaba economist Ulrich Wortberg. The orders received for US industry in June were also published. Compared to the month of May, they rose far more strongly than forecast.
On the company side, the focus in the middle of the week was primarily on companies listed on the Nasdaq and held top positions there: Moderna
was the biggest winner with a plus of 16.3 percent. Regeneron jumped 5.9 percent. The biotech company Moderna continued to benefit from its corona vaccine in the past quarter and also announced a share buyback program. Regeneron surprised positively on the sales side thanks to its blockbuster drugs Dupixent and Eylea.
Paypal shares soared 9.5 percent on the Nasdaq 100, despite the payments service reporting a slump in second-quarter profits. This was mainly due to special factors such as higher taxes – day-to-day business went relatively smoothly. Investors also welcomed the news that investor Elliott, known for his insistence on high yields and his involvement in management, is one of the largest shareholders with a stake worth around two billion dollars. The influence was immediately noticeable: PayPal promised austerity measures, increased profit targets, introduced a new chief financial officer and announced a new billion-dollar share buyback program.
Starbucks , also included in the Nasdaq 100, gained 4.3 percent. The coffee house chain significantly increased sales in the past quarter despite burdens in China. Also, while profits were down, they still exceeded expectations.
On the other hand, AMD’s share certificates suffered down 2.0 percent as one of the biggest losers in the Nasdaq selection index. The chip company disappointed with its sales forecast for the current third quarter. The Tinder app parent Match Group
slumped by 17.0 percent at the bottom after the outlook for the current third quarter had disappointed.
Im S&P 100 it went for the Ford -Share up 3.1 percent after strong sales figures in July. The papers from the fresh storage box manufacturer Tupperware also shot up among the smaller values at times up by 65 percent after better-than-expected quarterly figures. Most recently, the plus was 26 percent./ck/he
ISIN US2605661048 US6311011026 US78378X1072
AXC0356 2022-08-03/20:14
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