NEW YORK (awp international) – After the recent record hunt for some US indices, the New York stock exchanges didn’t move much in early Wednesday trading. Since the central investor debate continues to revolve around monetary policy perspectives, investors positioned themselves somewhat more cautiously before the central bank symposium.
However, only a small amount of momentum was enough for the recently record-high S&P 500 and Nasdaq 100 indices to just outperform the previous records. The market-wide S&P recently rose by 0.12 percent to 4491.83 points, but the technology-heavy Nasdaq barometer, after a friendly start, slipped 0.05 percent to 15,349.52 points. The leading index Dow Jones Industrial, on the other hand, made it with 35,439.89 points, a moderate 0.21 percent plus. But his record is more than a week old.
It is eager to see what the monetary authorities will discuss at the Jackson Hole Conference. Federal Reserve Chairman Jerome Powell wants to speak on Friday. On the one hand, an initial tightening is considered possible on the market this year, for example through a reduction in bond purchases. On the other hand, the delta variant of the corona virus is currently causing concern again as a brake on the economy.
But chief economist James McCann from Aberdeen Standard Investments looks calmly at the meeting. Powell is unlikely to send clearer signals until September. “Whether the market likes it or not, this will probably not be a speech with clear words,” said the expert. “Anyone expecting fireworks here is looking in the wrong place,” he added.
Otherwise, news remained relatively calm below the standard values. The better stocks in the Dow included JPMorgan and Goldman Sachs, two banks with gains of 2.1 and 1.3 percent. For the industry, monetary policy decisions are considered particularly important, investors apparently positioned themselves a little more risk-taker here.
Otherwise, the music played in the small cap range with quarterly figures. Dick’s Sporting Goods shares jumped 14.3 percent. The sporting goods retailer had positively surprised with its forecasts in the second quarter and also announced a special dividend. The picture was completely different in the textile industry at Urban Outfitters, as a price slide of eight percent shows. The quarterly forecast was disappointing here.
Analyst comments also moved in the second-tier range. The Boston Beer papers were down 7.1 percent after expert Vivien Azer from the Cowen analysis company expressed skepticism about the shares in the course of a downgrade. Conversely, Okta stocks at the Nasdaq 100 top were up 4.4 percent. For the experts at Raymond James, the authentication software specialist is now a “strong buy”.
After a recovery rally, the situation calmed down for China stocks, which are listed in the US. For the e-commerce platforms Pinduoduo and JD.com, which had jumped particularly strongly the day before, the picture was now mixed again, for Pinduoduo it fell by 1.5 percent. The courses at such tech companies from China have long been suffering from a Chinese regulatory offensive./tih/jha/
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