Börse Express – ROUNDUP/Aktien New York Conclusion: Dow and S&P 500 make up for losses from the previous day

NEW YORK (dpa-AFX) – The New York stock exchanges made up a lot of ground on Tuesday after a weak start to the week. Thanks to a final spurt, the standard value indices even more than made up for their losses from the previous day: During the Dow Jones Industrial The S&P 500 gained 1.09 percent higher at 34,086.04 points 1.46 percent to 4076.60 points. The tech-heavy Nasdaq 100
the increase of 1.59 percent to 12,101.93 points was not quite enough to catch up on Monday’s slide.

With the clear gains, the three indices not only defied the latest concerns about the interest rate decision by the American Federal Reserve on Wednesday. They also brought the strong month to an end in line with their status. For January, the Dow was up 2.8 percent. The other two stock market barometers even made gains of over six and almost eleven percent, respectively.

The Fed is expected to raise interest rates by 0.25 percentage point, but this will further slow the pace of rate hikes. Statements on future developments will be more important than the rate hike. Investors also had to classify a series of economic data and a flood of company figures on Tuesday.

The construction machinery and commercial vehicle manufacturer Caterpillar, which has been spoiled by success, was hit by value adjustments on the railway segment worth millions the final quarter. Higher costs and the weaker US dollar also had a negative impact. Adjusted earnings per share fell short of expectations despite an increase, so that the share lost another three and a half percent at the end of the Dow. Before the weekend, however, it had reached a record level.

The second biggest daily loser in the leading index was McDonald’s
with a minus of 1.3 percent. Despite higher prices, the quick-service restaurant chain posted strong growth at the end of the year and earned significantly more than a year ago. However, the profitability was disappointing.

On the other hand, the papers of General Motors (GM) by 8.4 percent. The carmaker has expressed caution about the current year and only expects profits to increase under good conditions. In 2022, the bottom line was that profits were already falling. However, the figures and outlook were better than analysts had expected. In the wake of GM, shares held by competitor Ford gained and Stellantis 4.8 and 4.1 percent.

UPS delighted investors with a price increase of 4.7 percent. After a surprising decline in sales in the fourth quarter, the parcel service is preparing for lower revenues in the new year. Fedex’s competitor and German Post DHL is therefore more pessimistic than the average analyst. However, the most recently achieved adjusted earnings per share surprised positively. For the rival Fedex
it even went up by 5.3 percent.

The shares of the oil giant ExxonMobil
increased by 2.2 percent after a record year. Disappointment that the concern – in contrast to competitor Chevron
last week – for the time being did not present any new plans for distributing profits to shareholders, was therefore limited to pre-market trading.

The pharmaceutical company Pfizer Ultimately, the record year caused by the corona also benefited, as the price increase of 1.4 percent showed. However, the tailwind from the pandemic is likely to decrease noticeably in the new year, which is why the company expects sales and profits to fall significantly.

The music streaming market leader Spotify owes the price jump of almost 13 percent to a high since the fall
meanwhile, the mark of 200 million subscription customers was exceeded for the first time. Experts saw both the number of users and the margin above expectations. The loss, which was higher than in the previous year, did not bother investors.

The Euro got a bit of a boost from surprisingly resilient economic data out of the euro-zone and rallied to $1.0866 in New York trading. The European Central Bank had set the reference rate at 1.0833 (Monday: 1.0903) dollars. The dollar had thus cost 0.9231 (0.9171) euros.

US government bonds rose after a weak start to the week: the futures contract for ten-year bonds (T-Note Future) rose by 0.33 percent to 114.66 points. In return, the yield on ten-year government bonds fell to 3.50 percent./gl/jha/

— By Gerold Löhle, dpa-AFX —

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0322 2023-01-31/22:46

Copyright dpa-AFX business news GmbH. All rights reserved. Redistribution, republication or permanent storage without the express prior consent of dpa-AFX is not permitted.