Several chip companies are rising after the company Micron Technology presented good results and a better guiding than expected.
Photo: John Minchillo/AP/NTBPublished:
Less than 2 hours ago
Updated less than 20 minutes ago
The case is updated throughout the trading day.
This is what it looks like on the key indices at 4.30pm
- The broad S&P index rises 0.79 percent
- The industrial Dow Jones rises 0.65 percent
- The technology index Nasdaq Composite is up 0.89 percent
On Wednesday, there was a broad decline on Wall Street. Both the Dow Jones and the Nasdaq fell for the first time in ten days.
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The oil price remains at about the same level as yesterday. A barrel of North Sea oil is currently trading for $79.20.
Expect weak economic growth in 2024
An hour before opening on Wall Street, figures came in on the number of first-time applicants for unemployment benefits. They show that 205,000 people applied for unemployment benefits in the week ending Dec. 16, which was lower than the 215,000 economists in a Reuters poll had estimated.
Final GDP figures have also been published during the day. US gross domestic product ended at 4.9 percent growth.
– There is a mix of macro data and points to weaker economic activity going forward, says chief market economist Peter Cardillo at Spartan Capital Securities to Reuters.
He says the markets are going high because interest rates are falling.
– But interest rates are falling because the market expects really weak economic growth next year and that the Fed will cut interest rates.
The interest rate on US government bonds with a ten-year maturity, the US ten-year, is now down to 3.8 per cent.
Chip-up
Chip company Micron Technology has presented quarterly results that show revenues above market estimates. The company also presented a guidance guiding expectations for future results for the current quarter which were better than the analysts’ forecasts, writes CNBC.
That led to Micron jumping more than 7 percent in pre-trade. The share is up 6.98 per cent at 4.30pm.
Chip companies Nvidia and Advanced Micro Devices (AMD) were also up over 1.5 percent.
The Nvidia share rises 1.20 per cent around 16.30, while the AMP share is up 2.56 per cent.
Boeing on the way up
The shares of aviation giant Boeing are set to rise on Thursday. The background is that China’s aviation authority has given the company approval to resume its delivery of 737 Max aircraft, according to the trade publication The Air Current.
The news agency Reuters has also reported that Boeing is ready to begin deliveries of its 737 Dreamliner to a privately owned Chinese airline, citing anonymous sources.
The share rose 2.4 per cent from the start, but at 16.30 the rise moderated to 0.24 per cent.
Broad stock market fall
Shortly before the opening, stock markets in Europe fall. The collective index Stoxx Europe 600 is down 0.27 percent.
In the Asian markets, there is mainly a decline on Thursday morning. The car manufacturer Toyota fell sharply after the news that the company will recall over a million vehicles.
2023-12-21 14:30:54
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