NEW YORK (awp international) – Ahead of the Jackson Hole Fed conference, investors on Wall Street reduced risk on Thursday. In late trading in particular, prices came under a little more pressure, especially since there were demanding voices from the environment of the Fed after the early tightening. The Dow Jones Industrial lost 0.54 percent to 35 213.12 points at the end. He is more than 400 points away from his previous record.
Among the other indices, neither the S&P 500 nor the Nasdaq 100 were able to continue their latest record series: The market-wide S&P index closed 0.58 percent lower at 4470.00 points. For the technology-heavy Nasdaq selection index, it was down 0.59 percent to 15,278.52 points.
On the two days before the Jackson Hole conference, investors had only taken limited risks with a speech by Federal Reserve Chairman Jerome Powell expected on Friday. On Thursday, some Fed members renewed their stance that the bond purchases should be scaled back as soon as possible.
However, observers consider Powell to make specific statements about a considered monetary tightening in view of the tense corona situation as rather unlikely. Many expect that he will say little on Friday in order to give the US Federal Reserve some time to make more specific announcements.
Among the individual values, there were some quarterly figures to be processed that had both light and shadow to offer. Among other things, the focus was on the software sector with SAP rival Salesforce, which also impressed with good business in the second quarter of the business year and once again raised its annual forecasts. After an increase of up to 5.5 percent, the papers at the top of the Dow defended a plus of 2.7 percent.
The software company Snowflake, which only went public in 2020, was able to outperform the Salesforce share after strong business figures with a price increase of 7.6 percent. On the dark side of the industry, however, the shares of Autodesk appeared, which plummeted 9.4 percent. The CAD software manufacturer disappointed with its profit target for the third quarter.
There were also positives and negatives to report in the retail sector. From this, the shares of the household goods retailer Williams-Sonoma rose by 9.3 percent because the latter raised its forecasts and wants to keep shareholders happy with an attractive quarterly dividend and share buybacks.
In contrast, the titles of the discounters Dollar Tree and Dollar General fell by 12.1 and 3.8 percent respectively – here the statements on the annual targets were disappointing. It was also gloomy for the shareholders of the textile retailer Abercrombie & Fitch with a price slide of 10.4 percent, which was also linked to the quarterly report.
News from the cosmetics company Coty, on the other hand, was particularly well received, with titles advancing by almost 15 percent. The quarterly figures were not convincing, but this year’s sales outlook gave hope for improvement. In addition, the company wants to move forward with a partial IPO of the Brazil business.
After several days of strength, the euro fell somewhat over the course of the year. At its peak traded at $ 1.1779, only $ 1.1754 was paid last. The European Central Bank (ECB) had set the reference rate at 1.1767 (Wednesday: 1.1736) dollars. The dollar cost 0.8498 (0.8521) euros.
After a yield allly down to 1.37 percent in the early part of the day, US bonds fell back to their previous day’s level. The futures contract for ten-year Treasuries (T-Note-Future) was recently only just 0.04 percent in the red at 133.58 points. The yield on ten-year government bonds was thus 1.35 percent./tih/he
— By Timo Hausdorf, dpa-AFX —
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