Despite economic worries, US investors grabbed again at the end of the week. Tech stocks in particular are enjoying strong demand. The upswing is being driven by the quarterly figures published by Amazon and Apple the previous evening.
Optimistic prospects from the two technology groups Amazon and Apple lift the spirits of US investors. The US standard value index Dow Jones rose by 0.97 percent to 32,845 points on Friday. The broad S
Amazon exceeded market expectations with its sales for the past quarter and its revenue targets for the current quarter. The online retailer also has costs surprisingly well under control, praised analyst Tom Forte from research house DA. davidson The Amazon share then temporarily rose by almost 13 percent, as strong as it was half a year ago.
Apple's shares gained 3 percent. The iPhone provider also surprised positively with its results and sees unbroken demand for its smartphones. Abhinav Davuluri from the research house Morningstar warned that the strong growth of the past few quarters will weaken in the coming months due to inflation and the looming recession.
Exxon and Chevron stocks were also in high demand, rising 4.6 and 8.9 percent respectively. The two oil companies announced record profits and increased share buybacks thanks to high oil and gas prices. Both companies exceeded market expectations with their figures, commented analyst Giacomo Romeo from the investment bank Jefferies.
Intel, on the other hand, had long faces. Due to a weakening demand for PCs and supply bottlenecks, the chip manufacturer cut its full-year targets. In addition, the company clearly missed expectations with its quarterly results, complains analyst Gus Richards from the investment bank Northland. It could hardly get much worse for Intel. Intel shares fell more than 11 percent at one point to a five-year low of $35.24.
At the same time, stockbrokers continued to puzzle over the future prospects for the economy. On the one hand, US economic output surprisingly declined in the second quarter. On the other hand, consumer spending rose surprisingly sharply in June despite high inflation. On the crude oil market, the price for the US variety WTI rose by a further 3.5 percent to $99.85 per barrel (159 liters).
According to insiders, OPEC will probably refrain from increasing production volumes during its consultations in the coming week. The export cartel will at most discuss a moderate increase. US natural gas rose in price by a good one percent to $8.23 per million BTU. The reason given by stockbrokers was the forecast of persistently high temperatures, which is driving up the electricity requirements for air conditioning systems.
