Market Updates: Nasdaq 100 Slightly Up, Investors Await Fed Statements and Earnings Reports

NEW YORK IG sees the Nasdaq 100, which has been doing much better since the beginning of the year and has recently been weakening, up 0.3 percent at 15,468 points.

The interest rate decision by the US Federal Reserve is on the agenda for Wednesday. It is widely expected to raise interest rates again. However, statements by the Fed on how things will continue afterwards are likely to attract more attention than the interest rate decision itself. Many investors are hoping for an early end to the rate hike cycle by the US monetary authorities. On Thursday and Friday, the European Central Bank (ECB) and the Japanese central bank will then decide on their further monetary policy.

In addition, the US reporting season is picking up speed in the new week. It’s still relatively quiet this Monday. However, a number of large companies have announced their quarterly figures for the coming days – including the consumer goods manufacturer Procter & Gamble , the aircraft manufacturer Boeing and the tech giants Amazon , Alphabet and Meta .

At Chevron, investors can hope for further price gains: Thanks to a positively received interim report, the shares of the oil company rose by 0.9 percent before the market. Although Chevron earned only half as much in the past quarter as it did at the time of the sharp rise in oil prices, it exceeded analysts’ expectations. In the wake of this development, the shares of competitor Exxon Mobil went up by 0.4 percent – he will also be presenting his quarterly report later in the week.

On the other hand, the audio streaming service Spotify could not score with the announcement of higher prices for premium subscriptions: the papers are heading for a minus of 0.3 percent, which would continue the recent price setback.

The share certificates of the credit card provider American Express are threatened with something similar, but to an even greater extent. They had already suffered from the previous quarter’s disappointing earnings growth on Friday – now further losses of 1.8 percent are on the horizon. The analysts Piper Sandler downgraded the shares with reference to too high expectations and now recommends them as “Underweight”.

2023-07-24 12:50:03
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