(message supplemented by individual values)
NEW YORK (awp international) – Persistently high interest rates only kept investors on the defensive on Wall Street on Thursday. Ultimately, things went up significantly, including for the particularly interest-sensitive growth stocks.
The Dow Jones Industrial closed 1.05 percent higher at 33,003.57 points. Thanks to price fireworks at Salesforce, the leading US index remained consistently positive, even though the yield on ten-year government bonds had climbed to its highest level since November. The initial jobless claims confirmed that the tight monetary policy of the US Federal Reserve has so far had no visible impact on the booming job market.
The S&P 500 gained 0.76 percent to 3981.35 points, winning the battle to break out of its 200-day moving average. The Nasdaq 100 technology selection index rose 0.89 percent to 12,044.87 points. After turning positive, it is again above the 200-day line, which technically oriented stock traders pay close attention to as an indicator of the long-term trend.
Papers from SAP competitor Salesforce jumped up to 16 percent to their highest level since August 2022. The US software manufacturer surprised investors with strong quarterly figures and an optimistic view of the future. JPMorgan expert Mark Murphy praised the increase in margins, which are almost entering “hyperspace”. Ultimately, a price gain of 11.5 percent remained. In the Nasdaq 100 there was also a double-digit price winner with a good 13 percent plus with the cloud specialist Okta at the top according to business figures.
On the other hand, Tesla was not able to convince at the investor day, which was acknowledged by investors with a price discount of at times more than eight percent and ultimately a good six percent. According to Bernstein expert Toni Sacconaghi, there was “a lot of vision and little concrete”. His JPMorgan colleague Ryan Brinkman also misses clues that can be used to measure future developments.
Investors at Silvergate Capital had it even worse with more than half the price. The bank, which is heavily involved in cryptocurrencies, fears for its business survival after the spectacular collapse of the digital currency exchange FTX. It already reported a loss of $1 billion for the past quarter and warned that it could be even higher. It also postponed the deadline for submitting the annual report.
In the FX market, the euro stayed below $1.06 after a surprise drop in weekly initial jobless claims. Most recently, the euro cost $1.0578. The European Central Bank (ECB) had previously set the reference rate at 1.0605 (Wednesday: 1.0684) dollars. The dollar had cost 0.9430 (0.9360) euros.
US government bonds continued to fall. The futures contract for ten-year bonds (T-Note Future) recently fell by 0.44 percent to 110.08 points. In return, the yield on ten-year government bonds rose to over 4.00 percent, its highest level since November
