NEW YORK (Dow Jones)–Wall Street ended trading in the middle of the week with surcharges. The S&P 500 as well as the Nasdaq Composite and the Nasdaq 100 marked new record highs. The interest rate issue moved into the background again. Investors have come to terms with the fact that the first Interest rate cut It was said that the US Federal Reserve would take a while longer to arrive. Interest is now primarily focused on the reporting season. According to the figures, Snap shares fell by over 30 percent.
The Dow Jones index gained 0.4 percent to 38,677 points. The S&P 500 rose by 0.8 percent and the Nasdaq Composite rose by 0.9 percent. According to initial information, there were 1,384 (Tuesday: 2,043) price winners and 1,445 (809) losers on the Nyse. 78 (59) titles closed unchanged.
The focus was also on statements from the ranks of the US Federal Reserve. The U.S. economy could be on track for a soft landing amid a strong labor market, economic growth and a seven-month slowdown in inflation data, according to Richmond Federal Reserve President Tom Barkin. But Barkin also sees a potential risk that the slowdown in inflation could stall – or even reverse. It makes sense to be patient about the timing of interest rate cuts in 2024.
On the economic side, only the trade balance from December was published. The deficit was slightly larger than economists expected and also slightly larger than in November. However, throughout last year, the US trade deficit was at its lowest level in three years.
Outlook supports Ford – Snap on decline after weak result
The reporting season continued to set the pace. Ford improved by 6.0 percent. The automobile company presented surprisingly good business figures and also gave an optimistic outlook for the current year. The ride-hailing company Uber (+0.3%) also presented strong figures and an encouraging outlook. However, the share price has almost doubled compared to the previous year, so that some profits were taken here.
Amgen (-6.4%) was convincing with its quarterly figures, but less so with its outlook. Gilead’s numbers (-4.2%) were described as mixed. At the Chinese internet company Alibaba (-5.9%), high depreciation depressed the result. Sales, however, exceeded expectations.
Snap fell 34.6 percent. The social media company missed expectations with its operating result. After the final bell, Walt Disney (-0.2%) and PayPal (-0.7%), among others, will present their figures.
Dollar falls slightly – oil prices rise
The dollar fell slightly and the dollar index lost 0.1 percent. However, the greenback is still supported by the surprisingly strong labor market data published last Friday, noted ING.
On the bond market, yields recovered somewhat from recent significant losses and posted slight increases. The yield on ten-year papers increased by 1.6 basis points to 4.12 percent.
Oil prices showed surcharges. The prices for WTI and Brent rose by up to 1.1 percent. The tense situation in the Red Sea continued to provide support here. In addition, the state-run Energy Information Administration (EIA) in the USA has announced that it does not expect US oil production to reach a record level before the beginning of 2025. Meanwhile, weekly US oil inventory data rose more than expected. In contrast, gasoline stocks fell more significantly, contrary to the forecast.
The price of gold showed little change, but gave up slight gains in the meantime. The slightly weakening dollar provided support here.
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INDEX last +/- % absolute +/- % YTD
DJIA 38,677.36 +0.4% 156.00 +2.6%
S&P 500 4,995.06 +0.8% 40.83 +4.7%
Nasdaq Comp. 15,756.64 +0.9% 147.65 +5.0%
Nasdaq-100 17,755.07 +1.0% 182.34 +5.5%
US bonds
Maturity Yield Bp to VT Yield VT +/-Bp YTD
2 years 4.43 +2.1 4.41 0.9
5 years 4.07 +2.4 4.05 7.3
7 years 4.11 +1.7 4.09 13.6
10 years 4.12 +1.6 4.10 23.7
30 years 4.32 +2.0 4.30 35.2
FOREX last +/-% Tue, 8:13 Tue, 17:20% YTD
EUR/USD 1.0773 +0.2% 1.0761 1.0744 -2.5%
EUR/JPY 159.64 +0.4% 159.72 159.14 +2.6%
EUR/CHF 0.9416 +0.7% 0.9355 0.9358 +1.5%
EUR/GBP 0.8533 -0.0% 0.8565 0.8543 -1.6%
USD/JPY 148.19 +0.2% 148.44 148.13 +5.2%
GBP/USD 1.2625 +0.2% 1.2565 1.2577 -0.8%
USD/CNH (Offshore) 7.2115 +0.1% 7.1986 7.1987 +1.2%
Bitcoin
BTC/USD 44,163.78 +2.2% 42,754.24 43,193.41 +1.4%
CRUDE OIL most recently VT-Settlem. +/-% +/- USD% YTD
WTI/Nymex 74.12 73.31 +1.1% +0.81 +2.7%
Brent/ICE 79.37 78.59 +1.0% +0.78 +3.2%
GAS VT Settlem. +/- EUR
Dutch TTF 28.26 28.37 -0.4% -0.11 -11.7%
METALS last day previous +/- % +/- USD % YTD
Gold (spot) 2,034.91 2,035.70 -0.0% -0.79 -1.3%
Silver (spot) 22.21 22.48 -1.2% -0.26 -6.6%
Platinum (spot) 883.80 906.50 -2.5% -22.70 -10.9%
Copper future 3.74 3.78 -1.2% -0.04 -4.0%
YTD based on the previous day’s closing level
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DJG/DJN/ros
(END) Dow Jones Newswires
February 07, 2024 4:16 p.m. ET (21:16 GMT)