NEW YORK (dpa-AFX) – The New York stock market is up again on Thursday. While investors eagerly awaited next week’s interest rate decision by the US Federal Reserve, weekly employment data provided some relief on the question of whether the US Federal Reserve might be planning further interest rate hikes following the interest rate hikes by the Australian and Canadian central banks. An unexpectedly high number of initial claims is not a good sign for the economy, but it may be in the interest of the Fed in its fight against inflation.
After a slow start, the leading index Dow Jones Industrial (Dow Jones 30 Industrial) recently rose by 0.43 percent to 33,810.60 points. It was noticeable that it reached its highest level since the beginning of May with 33,833 points. The market-wide S&P 500 was also up 0.41 percent at 4285.12 points.
The tech-heavy NASDAQ 100, caught up in a wave of profit-taking the previous day, rallied 0.88 percent to 14,429.51 points. The industry is considered to be particularly susceptible to interest rate speculation, which has now cooled off again. The rise was further supported by stocks that awaken investors’ imaginations about the potential of artificial intelligence (AI). These included Adobe and Amazon as of Thursday.
Adobe shares (Adobe) rose by four percent. At an in-house conference for digital experiences, the software company presented new products and functions with generative AI, wrote RBC analyst Matthew Swanson. He emphasized that he continues to like the strategic direction of the company.
Amazon still came up with an increase of 2.1 percent. Here, UBS analyst Lloyd Walmsley mentioned that he expects business in the Amazon Web Services (AWS) cloud division to accelerate in the fourth quarter due to AI. Tesla also continued its rally, up 3.2 percent. As one of the best Nasdaq stocks, they have already gained 88 percent this year.
T-Mobile US was also among the winners on the Nasdaq with 2.3 percent after being upgraded to “Outperform” by Wolfe Research. The papers stabilized at the price level they had recently fallen, which the experts believe is not justified. The shares had recently reached their lowest level in over a year.
Elsewhere, investors looked to struggling video games retailer GameStop, which disappointed with its fiscal first-quarter sales and fired its CEO Matt Furlong. The shares collapsed by almost a fifth, at times even a little more. This eliminated the price gains of the past four weeks.
The reaction to Smartsheet’s quarterly figures was similar. After doubling the price since November, it went down 19 percent here. Investors may not have liked that the software platform for work management did not raise the outlook for annual sales, Berenberg Bank said