NEW YORK (dpa-AFX) – In New York, caution about the upcoming job market report has somewhat pushed the hope of an interest rate pause by the US Federal Reserve into the background. The leading index Dow Jones Industrial slipped on Thursday after a friendly start and closed 0.48 percent in the red at 34,721.91 points. It ended a four-day recovery series – for the end of August, it posted a loss of 2.4 percent.
The market-wide S&P 500 finally fell on Thursday by 0.16 percent to 4507.66 points. The technology-heavy and therefore particularly interest-sensitive selection index Nasdaq 100 claimed an increase of 0.25 percent to 15,501.07 points. On a monthly basis, however, it lost 1.6 percent.
Current economic data had little impact on share prices on Thursday. Weekly initial jobless claims fell for the third straight month and remain at relatively low levels. Economists, on the other hand, had expected an increase.
Meanwhile, US household spending and income continued to rise in July. In addition, inflation picked up again slightly, as shown by the expected increase in the PCE price index, which is particularly watched by the US monetary authorities. In addition, surprisingly good purchasing manager data was released.
Now all eyes are turning to the US government’s monthly jobs report on Friday. The data also plays a big role in monetary policy, as a strong job market with significant wage increases can keep inflation high. Experts had already warned on Wednesday against overestimating the recent weak growth and labor market data.
On the company side, the SAP competitor Salesforce convinced with quarterly figures and the outlook for the current quarter. Although there are signs of slowing sales growth, wrote analyst Mark Murphy from the US bank JPMorgan. But the impressive development of the operating profit margin and the free flow of funds show that the transformation of the specialist for enterprise software is intact. The shares gained three percent at the top of the Dow.
According to statements on current business development, Intel titles rose by 1.8 percent. The semiconductor maker is on track to meet targets for the current quarter thanks to a friendlier PC market, CEO Pat Gelsinger said at a technology industry conference hosted by Deutsche Bank.
The papers of the e-commerce solution provider Shopify brought an analyst recommendation and a cooperation with Amazon an increase of 10.8 percent.
Palantir securities, on the other hand, fell 8.3 percent after a downgrade by bank Morgan Stanley. For analyst Keith Weiss, an excess of optimism about the potential in connection with the topic of artificial intelligence (AI) is now priced into the share price.
Department store chain Dollar General disappointed investors by lowering its full-year outlook, which caused shares to fall 12.2 percent.
The euro fell to $1.0842 on the back of euro-zone inflation and US data. The European Central Bank set the reference rate on Thursday at 1.0868 (Wednesday: 1.0886) dollars. The dollar thus cost 0.9201 (0.9186) euros.
US government bonds expanded their moderate initial gains: The futures contract for ten-year bonds (T-Note future) rose by 0.14 percent to 110.52 points. The return on ten-year bonds was 4.10 percent./gl/he
— By Gerold Löhle, dpa-AFX —
2023-08-31 20:34:12
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