The Dow Jones index continues to rise… and the Nasdaq loses 2%
Despite the significant declines witnessed by many US stocks, the Dow Jones Industrial Average today, Thursday, continued its rise for the ninth day in a row, recording the largest series of consecutive increases in nearly six years, while the Nasdaq index lost 2.05% of its value.
The bad news for Tesla and Netflix, which are not in the Dow Jones Industrial Average, caused the Nasdaq and S&P indices to decline. The latter declined by 0.68%, after the loss of “Netflix” shares by 8% today, Thursday, due to the company achieving less revenue than expected by analysts.
Tesla shares lost nearly 10% of their value today, Thursday, after Elon Musk, CEO of the company and the richest man in the world, announced that the company’s production had slowed during the current quarter, due to factory repairs.
The Dow Jones rose by 0.47%, led by “Johnson & Johnson”, whose strong business results jumped by more than 6%, especially after the company raised its profit forecast for the end of this year.
In Europe, the Stoxx 600 index of European stocks recorded the highest level in a month today, Thursday, supported by shares in the mining, banking and health care sectors, but shares related to chips witnessed intensive selling after bleak expectations for sales of the Taiwanese company, TSMC.
The Stoxx 600 index ended the day’s trading up 0.4%, extending its gains for the third consecutive session. The index reached the highest level today, at 464.17 points, according to Reuters data.
Strong corporate earnings and data pointing to a sharp slowdown in the rise in British consumer prices boosted hopes of an easing of global price pressures.
The European mining and health care indices rose by 1.6%, while the banking index rose 0.6%.
Europe’s technology sector index, which has risen nearly 23% this year, posted the biggest losses, ending the day down 2.5%.
According to Refinitiv data, profits for stocks listed on the Stoxx 600 index are expected to decline in the second quarter by 9.2% compared to the same quarter of the previous year.
In a related way, oil prices rose slightly at the settlement on Thursday, after announcing a decline in US crude stocks, although expectations of weak demand kept investors cautious.
Brent crude futures for September rose 18 cents, or 0.2%, to reach $79.64 a barrel, and US West Texas crude rose in August 28 cents, or 0.4%, to $75.63 a barrel, upon settlement.
In the previous session, oil prices fell after data showed a decrease in US inventories less than analysts’ expectations.
This comes amid uncertainty about the prospects for demand in China, the largest buyer of crude in the world, in conjunction with the release of data showing a slowdown in its economy.
2023-07-20 22:20:39
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