NEW YORK (AP) – The US stock markets showed a recovery on Monday after last week’s price falls. The chip sector in particular did good business. However, investors took a cautious approach ahead of the unofficial opening of a new quarterly earnings season later this week.
For example, the major American banks Citigroup, JP Morgan Chase and Wells Fargo will publish their results on Friday. New inflation figures will also be released from the United States on Wednesday. They will play a major role in the Federal Reserve’s interest rate decision later this month. The prospect that the Fed will raise interest rates further has recently caused a negative mood on the stock exchange floors.
The leading Dow Jones index ended trading with a gain of 0.6 percent at 33,944.4 points. The broader S&P 500 rose 0.2 percent to 4409.53 points. Technology gauge Nasdaq also advanced 0.2 percent, to 13,685.48 points.
Visit to China
Attention also turned to the visit of US Treasury Secretary Janet Yellen to Beijing on Monday. Yellen was in China to strengthen ties between the two superpowers. Although her visit did not lead to any specific breakthroughs in the trade relationship between the two countries, Yellen spoke of productive talks.
Chip manufacturers managed to take advantage of this. For example, Intel was worth 2.8 percent more and Qualcomm went up 1 percent.
100 million Threads users
Icahn Enterprises, the company of activist investor Carl Icahn, shot up more than 20 percent. Investors dived into the stock after it was announced that the company has entered into new financing agreements with banks.
Meta Platforms rose 1.2 percent. The new Threads app, with which Facebook’s parent company wants to compete with Twitter, already has more than 100 million users in the first five days after its launch. Threads thus broke chatbot ChatGPT’s record as the fastest growing app. ChatGPT took two months to accumulate 100 million users.
Alibaba gains
Chinese online retailer Alibaba, which is also listed in New York, won 3.2 percent. The Chinese authorities have fined Ant Group about 900 million euros. Investors hope that this will bring an end to years of strict treatment of Alibaba’s financial branch by the Chinese government.
2023-07-10 20:38:06
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