The stock exchanges in New York closed on Friday with a mixed picture. Investors processed quarterly results of a number of large companies, including those of agricultural equipment manufacturer Deere and chip company Applied Materials.
The financial markets are increasingly taking into account further rate hikes by the US central bank. This has put pressure on tech stocks in recent days. The Nasdaq closed 0.2 percent in the minus at 13,290.78 points, the fourth loss in a row for the tech grade meter.
The Dow Jones index posted a day gain of 0.1 percent to 34,500.66 points and the broader S&P 500 fell a fraction to 4369.71 points. The three well-known indicators on Wall Street all took losses throughout the week.
In addition to the new concerns about interest rate hikes, investors also processed the news that the Chinese real estate group Evergrande has filed for bankruptcy in the United States. This feeds concerns about China’s already weak economic recovery, which is struggling with financial problems in the real estate sector, among other things.
Deere ended 5.3 percent lower, despite the company posting higher sales and profits in the past quarter. Analysts take into account that the company’s high growth rate cannot be sustained for much longer.
Applied Materials gained 4 percent. The American chip equipment manufacturer performed better than analysts and investors had expected last quarter. The industry colleague of the Dutch ASML is also positive about the current quarter.
Xpeng fell 4.3 percent. The Chinese electric car manufacturer, which is also listed in New York, suffered a record loss last quarter. Cosmetics company Estée Lauder lost more than 3 percent after disappointing results and outlook.
Hawaiian Electric gained 14.5 percent in market value, the day after a hefty loss. The electricity company said it was not pursuing a reorganization, despite previous media reports that the company had engaged consultants in that area. Hawaiian Electric previously lost heavily on the stock market after reports that poor maintenance of its power lines played a role in wildfires on the island of Maui.
The euro was worth $1.0872 against $1.0890 the day before. A barrel of US oil cost 1.1 percent more at $ 81.28. Brent oil became 0.8 percent more expensive at $ 84.02 per barrel.
2023-08-18 20:37:42
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