NEW YORK (dpa-AFX) – Wall Street and the technology-heavy Nasdaq exchange moderately moved in different directions on Tuesday. The Dow Jones Industrial (Dow Jones 30 Industrial) reached a new high since February 2022 with a small step. The NASDAQ 100 selection index, which had already started somewhat weaker, remained slightly in the red throughout trading.
The publication of numerous important economic data this week makes investors more cautious again, above all the employment report on Friday. The air has become thinner after the recent rally following the Fed interest rate decision in mid-July, as the Fed has made its monetary policy largely dependent on economic developments. The development of the job market also plays an important role here. While many market participants have now considered the peak in interest rates to have been reached, interest rate expectations have risen again somewhat after the mostly solid data recently, which currently make a recession seem unlikely.
The best-known Wall Street index Dow ended the day up 0.20 percent to 35,630.68 points. The market-wide S&P 500 fell by 0.27 percent to 4576.73 points. The Nasdaq 100 fell 0.25 percent to 15,718.01 points. All three indices posted gains of at least 3 percent in July. The strongest came from the Nasdaq 100, which had gained almost four percent in the past month.
However, before the labor market comes into focus, the much-noticed ISM Purchasing Managers’ Index for industry was on the agenda on this trading day. “The ISM index has improved, but is clearly in the contraction area and also falls short of expectations, so that the prospects for the sector remain clouded,” said Helaba. The Fed should therefore feel encouraged to keep a low profile regarding further interest rate hikes and to refer to the data dependency.
Caterpillar shares jumped 8.9 percent on the Dow. The construction machinery and commercial vehicle manufacturer earned more than expected in the second quarter thanks to higher demand and higher selling prices.
The papers of Merck & Co (Merck) and competitor Pfizer each lost 1.3 percent. The two US pharmaceutical companies partially corrected their annual targets after the first six months.
Tesla (Tesla) lost 2.4 percent. The electric car maker is the subject of another investigation by US regulators. This time it’s about customer complaints about vehicles potentially losing steering control.
The fact that Uber’s shares fell by 5.7 percent, although the transport service broker closed a quarter with an operating profit for the first time, is probably due to the strong price trend. Only the day before they had jumped to their highest level in around 24 months.
Zoominfo (ZoomInfo Technologies) suffered a price slump of around 27 percent to a record low. The software and data company had cut its sales target for the current year.
The euro was last traded at $1.0983. The European Central Bank had set the reference rate in Frankfurt at 1.0970 (Monday: 1.1023) dollars. The dollar thus cost 0.9116 (0.90872) euros.
On the US bond market, the futures contract for ten-year government bonds (T-Note future) recently fell by 0.36 percent to 111.00 points. In return, the yield on ten-year bonds rose to 4.04 percent./ck/he
— By Claudia Müller, dpa-AFX —
2023-08-01 20:47:39
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