NEW YORK (awp international) – Investors in New York initially have mixed feelings about the latest signals from the job market on Friday. According to experts, it will not only be difficult for them, but also for the Fed’s monetary watchdogs, to draw the right conclusions from the report. Half an hour before the start, the Dow Jones Industrial was valued almost unchanged by the broker IG at 35,439 points. An approach to the previous record of 35,631 points would therefore continue to fail.
“This labor market report will give the Fed a headache,” commented Thomas Altmann from asset manager QC Partners in a first reaction. With job growth far below expectations and a low unemployment rate at the same time, it is difficult to work out a clear line. With wages rising faster than expected, inflation remains a major issue.
Should investors decide on a clearer direction on Friday, the other New York indices could continue their record rally with smaller gains. The S&P 500 has to compete with the 4545 points reached the day before and the technology-heavy Nasdaq 100 with its 15 696 points on Wednesday.
On the corporate side, there were new quarterly figures from two technology companies the evening before after the stock market closed. The papers of the server and network service provider Hewlett Packard Enterprise moved pre-market with 2.7 percent in the red after a “mixed quarter”, as analysts judged. Analyst Matthew Cabral from Credit Suisse rated the outlook as rather disappointing.
The papers of the second company, the chip company Broadcom, climbed pre-market by 0.6 percent. Here Stacy Rasgon from Bernstein Research spoke of a solid quarter and a strong outlook for the last quarter of the financial year. He continues to appreciate Broadcom for the way it is dealing with the chip shortage situation.
The shares of Chinese technology company listed in the USA are threatened with another setback, for those of the Internet company Alibaba, for example, the pre-market New York trade fell by 1.2 percent. In the market, it was said that investors were thorn in the side that the corporations are currently increasingly tempted to make costly charitable commitments in order to contribute to “common prosperity” in China in times of a regulatory offensive./tih/stk
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