NEW YORK (Dow Jones) — New compelling data from the technology sector boosted US stock markets on Thursday. With the Facebook parent Meta Platforms, another industry company has surprised positively. The company traded and earned more than expected in the first quarter, which is rewarded with a price gain of nearly 14 percent and supporting the Nasdaq Composite, which is up 1.0 percent. The S&P 500 is up 0.7 percent, the Dow Jones index is up 0.4 percent, held back by the loss in Caterpillar stock.
Among the economic data of the day, first-quarter gross domestic product (GDP) disappointed. The US economy grew only about half as fast as economists had assumed. However, inflation has accelerated, which argues for further interest rate hikes by the US Federal Reserve to combat inflation. Meanwhile, the number of initial jobless claims fell surprisingly last week.
Ebay numbers are convincing
Meanwhile, the accounting season is entering another round. In addition to the meta numbers, the numbers from Ebay (+3.7%) are also well received. The operator of the Internet auction house of the same name has met expectations with sales and even exceeded them with profits.
The construction machinery group Caterpillar also did surprisingly well and announced further growth for the second quarter thanks to continued high demand. However, the share falls by 3.8 percent and is by far the weakest value in the Dow Jones. Investors are concerned that an economic downturn could ultimately slow down the company, which is considered an economic barometer.
The business figures and outlook of the pharmaceutical manufacturer Merck & Co (+0.5%) were also above expectations. On the other hand, Abbvie (-6.7%) earned less than expected.
The conglomerate Honeywell (+1.9%) raised its outlook when it presented strong figures. American Airlines (+2.2%) is enjoying brisk demand. It ended the first quarter in four years with a profit and earned a little more than expected, but sales were “only” in line with expectations.
Mastercard’s shares reacted to the credit card company’s quarterly figures with a plus of 1 percent. The company reports that customers are still willing to spend money.
After a profit warning, the stock of chip manufacturer Impinj, which specializes in RAIN-RFID solutions, fell by 28 percent.
After the close of trading, Amazon will be followed by another technology heavyweight, as well as Intel, Amgen, Mondelez and the Deutsche Telekom subsidiary T-Mobile US.
Dollar held up well after GDP data
The dollar is holding up well after the economic data. Yields are rising in the bond market. Traders point to the expectation that interest rates will continue to rise, partly due to the continued good employment situation in the USA.
Oil prices are now trending somewhat firmer after the sharp fall in prices the previous day. Market participants speak of a countermovement to the losses. However, concerns about the economy and demand are likely to slow down the oil price.
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INDEX last +/-% absolute +/-% YTD
DJIA 33,442.32 +0.4% 140.45 +0.9%
S&P 500 4,085.19 +0.7% 29.20 +6.4%
Nasdaq Comp. 11,968.49 +1.0% 114.14 +14.4%
Nasdaq-100 12,956.51 +1.2% 150.02 +18.4%
US Bonds
Term Yield Bp to VT Yield VT +/-Bp YTD
2 years 4.03 +9.0 3.94 -38.9
5 years 3.55 +5.1 3.50 -44.8
7 years 3.53 +5.9 3.47 -43.9
10 years 3.49 +4.6 3.45 -38.5
30 years 3.74 +3.5 3.71 -22.9
FOREX last +/- % Thu 9:36 Wed 17:15 % YTD
EUR/USD 1.1005 -0.3% 1.1045 1.1045 +2.8%
EUR/JPY 147.54 -0.0% 147.61 147.45 +5.1%
EUR/CHF 0.9864 +0.3% 0.9848 0.9836 -0.3%
EUR/GBP 0.8838 -0.2% 0.8858 0.8856 -0.1%
USD/JPY 134.04 +0.3% 133.65 133.50 +2.2%
GBP/USD 1.2455 -0.1% 1.2487 1.2471 +3.0%
USD/CNH (Offshore) 6.9434 +0.1% 6.9281 6.9370 +0.2%
Bitcoin
BTC/USD 28,938.18 +0.9% 28,901.32 29,756.03 +74.3%
ROHOEL last VT-Settlem. +/- % +/- USD % YTD
WTI/Nymex 74.64 74.30 +0.5% +0.34 -6.9%
Brent/ICE 77.89 77.69 +0.3% +0.20 -8.2%
GAS VT Settlem. +/- EUR
Dutch TTF 38.40 38.55 -0.4% -0.15 -49.9%
METALS last day before +/- % +/- USD % YTD
Gold (Spot) 1,980.44 1,989.85 -0.5% -9.41 +8.6%
Silver (Spot) 24.64 24.93 -1.1% -0.28 +2.8%
Platinum (Spot) 1,081.58 1,094.00 -1.1% -12.43 +1.3%
Copper futures 3.82 3.85 -0.8% -0.03 +0.2%
YTD relative to previous day’s close
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(END) Dow Jones Newswires
April 27, 2023 09:48 ET (13:48 GMT)
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