NEW YORK (dpa-AFX) – The US stock market is still under the impression of an emerging major interest rate hike before the weekend. The day before, US Federal Reserve Chairman Jerome Powell had spoken about a major interest rate hike at the next Fed meeting in early May, thereby spoiling the good mood in the market.
In early Friday trading, the leading index Dow Jones Industrial (Dow Jones 30 Industrial) increased its previous day’s losses by 0.96 percent to 34,460 points, which means that it would only gain a few points on a weekly basis. The market-wide S&P 500 fell by 0.58 percent to 4368 points in the first hour after the start on Friday. The technology-heavy NASDAQ 100 recorded an increase of 0.10 percent to 13,735 points, which was particularly weak the day before and whose weekly balance sheet is currently negative.
Verizon’s shares brought up the rear in the Dow with a minus of more than five percent after the telecom group had formulated more cautious expectations for the current year than before in view of harsh competition. In the first quarter, the company also had to cope with the loss of 292,000 mobile contract customers. Competitor AT&T, on the other hand, had reported a significant increase of 691,000 new contracts after deduction of terminations the day before.
According to quarterly figures, American Express shares fell by 1.3 percent. Profits fell as the financial group was spending heavily, although it exceeded market expectations.
Worries about the economic consequences of the Russian war in Ukraine had an impact on the advertising business of the Snapchat photo app. The past quarter presented the US company with greater challenges than expected, admitted the head of the parent company Snap, Evan Spiegel. However, their shares have recently increased by 4.5 percent, fluctuating greatly.
The oil field service provider Schlumberger was able to convince investors with its interim report, the shares gained almost six percent./ajx/he
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