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NEW YORK (dpa-AFX) – Investors continue to access the New York stock exchange on Tuesday after the previous day’s records for some indices. A moderate plus was enough for the technology-heavy NASDAQ 100 for the next record, it rose two hours before the end by 0.25 percent to 15,351.51 points. A recovery rally on US notes by Chinese tech firms made headlines there.
The market-wide S&P 500 was again just able to surpass its record set at the beginning of the week, most recently increasing by 0.23 percent to 4489.83 points. For the New York benchmark index Dow Jones Industrial (Dow Jones 30 Industrial) it rose somewhat more moderately by 0.24 percent to 35,419.39 points. He is still a little more than 200 points short of the record level of 35,631 points that he set at the beginning of the previous week.
A few days before the international central bank meeting, which, as in the previous year, will only take place online and not in Jackson Hole, investors are worried about a possible tightening of the USMonetary policy recently got smaller again. Investors are now eagerly anticipating what new impressions there will be with regard to future monetary policy. The main focus is on a speech by Fed President Jerome Powell on Friday.
“Until recently, it looked like the perfect platform to lay the groundwork for an interest rate hike announcement in September,” said Craig Erlam of broker Oanda. He suspects, however, that the slowdown in global economic growth in the wake of the spreading delta variant of the coronavirus could make the currency authorities more cautious again. “Any suggestion from Powell that a rate hike might not happen this year could give markets another boost,” said Erlam.
On the Nasdaq, the shares of Chinese companies listed there attracted attention with a recovery rally after they had suffered severely from a Chinese regulatory offensive in the past weeks and months. Above all, the shares of Pinduoduo and JD.com (JDcom) advanced by 19.5 and 14.1 percent, respectively. The titles of the two e-commerce platforms each benefited from strong quarterly figures. Bargain hunters then sensed new investment opportunities.
The reason on the market was that star investor Cathie Wood believed in JD shares again after the price slump. There are no signs of relaxation with regard to the regulators, but it has now calmed down on this topic for a few days, it said. Investors picked up a whole host of China stocks with US notes again: The stocks of the search engine Baidu (Baiducom), the online retailer Alibaba and the tech company Netease advanced by 6.6 to 9.1 percent.
Good news came from Palo Alto Networks, a provider of security software. Shares jumped almost a fifth in the wake of strong quarterly figures and a raised earnings outlook. This was followed by the shares of the competitor Crowdstrike Holdings (CrowdStrike) by 9.3 percent. They are due to be included in the Nasdaq 100 index on Thursday.
The shareholders of Best Buy were also able to look forward to a significant increase in the share price, recently the shares jumped 9.9 percent. The electronics retailer clearly exceeded consensus estimates in the second quarter and raised its annual target for comparable sales. At the medical technology manufacturer Medtronic, the shareholders rewarded a surprisingly good quarter with an increase of 3.5 percent.
Worldwide, the travel sector was still friendly on Tuesday – especially among airlines, which also grew in the USA. The papers of American (American Airlines), Delta (Delta Air Lines) and United Airlines advanced in New York by 3.6 to 4.1 percent. The Jefferies analysts spoke of an easing of the corona situation in China. Michael Hewson from broker CMC Markets referred to the hope that the first regular US approval of a Covid-19 vaccine from the day before the vaccination campaign could give another impetus./tih/he
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