NEW YORK (Dow Jones) — The US stock exchanges are somewhat firmer in trading on Wednesday afternoon in New York. The focus is on the purchasing managers’ indices, which were weaker than expected in November. Weak data are currently interpreted quite positively by the stock market traders because they support the hope of a somewhat less rigid interest rate policy by the US central bank. Other economic data of the day were mostly robust.
The Dow Jones index gained 0.2 percent to 34,174 points, the S&P 500 rose 0.5 percent and the Nasdaq Composite rose 0.9 percent. In the bond market, yields are falling in line with interest rate speculation. The dollar is under pressure. The weak purchasing manager indices and falling market interest rates are weighing on the currency.
In the evening, the minutes of the most recent US central bank meeting are still on the agenda, which will be sounded out in particular for indications of the expected peak in interest rates. Expectations are 5.0 to 5.25 percent, compared to a current key rate level of 3.75 to 4.0 percent. Many actors are reluctant in advance. Esther George, Chair of the Kansas City Federal Reserve, said the substantial household savings could increase the need to keep interest rates high and consumer spending under control.
The actors are also keeping an eye on the development of Covid-19 in China. The government there, which has only recently relaxed its zero-Covid policy only tentatively, is struggling with a further increase in the number of infections, which is likely to have potentially negative consequences for the global economy.
Because of the Thanksgiving holiday on Thursday and the so-called Black Friday following on Friday, the first big pre-Christmas shopping day, business is likely to remain rather thin, stockbrokers expect.
Again unrest at Apple contract manufacturer
On the company side, the focus is on Apple shares, among others, after workers at the largest iPhone factory in China protested again against the background of restrictive corona lockdowns. Apple is again hardly affected by this, the course increases by 0.6 percent.
HP gained 0.8 percent after slightly better-than-expected adjusted quarterly figures. The PC and printer manufacturer also announced, like various other technology companies, that it intends to reduce the workforce in the coming years.
Nordstrom had less revenue in the third quarter. The retailer also lowered its full-year earnings outlook. The course falls by 6.1 percent.
VMWare are up 0.8 percent. The software company increased sales in the third quarter, but earned less than the market expected. The software company Autodesk is about 5.2 percent south after a lowered sales forecast.
Clothing retailer Guess (-1.9%) has presented mixed Q3 results and an outlook below market expectations.
oil prices fall
On the oil market, prices fell by around 4 percent and thus in the direction of eight-week lows. The fact that weekly stocks of gasoline in the USA have risen sharply is having a depressing effect on prices. In addition, there are the weak purchasing managers’ indices from the USA, which continue to point to an economic contraction and thus potentially weaker oil demand. Actors here are also closely following EU efforts to impose a price cap on Russian crude oil, sources say.
INDEX last +/-% absolute +/-% YTD
DJIA 34,173.96 +0.2% 75.86 -6.0%
S&P 500 4,023.48 +0.5% 19.90 -15.6%
Nasdaq Comp. 11,277.50 +0.9% 103.09 -27.9%
Nasdaq-100 11,833.10 +0.9% 108.26 -27.5%
US Bonds
Term Yield Bp to VT Yield VT +/-Bp YTD
2 years 4.49 -1.6 4.50 375.8
5 years 3.92 -3.6 3.95 265.8
7 years 3.83 -4.9 3.88 238.8
10 years 3.72 -3.8 3.76 220.8
30 years 3.77 -5.7 3.83 187.1
FOREX last +/- % Wed, 8:08 Tue, 18:06 % YTD
EUR/USD 1.0363 +0.6% 1.0328 1.0273 -8.9%
EUR/JPY 144.67 -0.6% 146.05 145.19 +10.5%
EUR/CHF 0.9767 -0.4% 0.9826 1.0490 -5.9%
EUR/GBP 0.8590 -0.9% 0.8693 0.8653 +2.2%
USD/JPY 139.59 -1.1% 141.35 141.34 +21.3%
GBP/USD 1.2065 +1.5% 1.1886 1.1870 -10.8%
USD/CNH (Offshore) 7.1620 +0.3% 7.1537 7.1503 +12.7%
Bitcoin
BTC/USD 16,401.63 +1.3% 16,492.34 16,168.74 -64.5%
ROHOEL last VT-Settlem. +/- % +/- USD % YTD
WTI/Nymex 77.65 80.95 -4.1% -3.30 +12.1%
Brent/ICE 84.99 88.36 -3.8% -3.37 +15.9%
GAS VT Settlem. +/- EUR
Dutch TTF 129.50 119.64 +8.2% +9.86 +90.3%
METALS last day before +/- % +/- USD % YTD
Gold (Spot) 1,742.84 1,740.10 +0.2% +2.74 -4.7%
Silver (Spot) 21.33 21.08 +1.2% +0.25 -8.5%
Platinum (Spot) 990.50 993.00 -0.3% -2.50 +2.1%
Copper Future 3.61 3.61 -0.0% -0.00 -18.1%
YTD relative to previous day’s close
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(END) Dow Jones Newswires
November 23, 2022 12:14 PM ET (17:14 GMT)
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