Wall Street says goodbye to the weekend with strong price gains. Intel and Apple in particular can benefit. Online giant Amazon has to make cutbacks due to gloomy forecasts.
Investors on Wall Street were in good spirits ahead of the weekend. After an already strong stock market week, US stocks went one step further today. The leading index Dow Jones Industrial rose by 2.59 percent to 32,861.80 points, bringing it to a weekly plus of 5.7 percent. The market-wide S
The US stock exchanges also received support from falling yields on the bond market over the course of the week. The quarterly figures from Intel and Apple were very well received and overshadowed Amazon's share price losses after a bleak outlook from the online retailer.
The tech-heavy Nasdaq 100, which had lagged the week, also rose sharply, up 3.17 percent to 11,546.21 points. The Nasdaq stock exchange was only initially burdened by high price losses from Amazon. On a weekly basis, however, the Nasdaq 100 remains well behind the Dow with a weekly increase of a good two percent.
Amazon shares initially fell by up to 12 percent, most recently the discount was 6.8 percent. At the start, the market capitalization had fallen below the much-noticed threshold of one trillion US dollars. The online retailer justified the cautious forecasts for the important Christmas quarter with high inflation and consumer concerns about a recession. Amazon is feeling the dimmer economic outlook in e-commerce and cloud business, commented bank JPMorgan. Above all, the international business of the globally active group has clouded over.
This was offset by price gains of 10.7 percent for Intel and 7.6 percent for Apple. This made the two papers the clear frontrunners in the Dow. For Apple, it was the biggest one-day gain since July 2020. Intel is being hit hard by the downturn in the PC market and is therefore now resorting to extensive austerity measures. In the coming year, the chip group wants to reduce costs by three billion dollars. Analysts found words of praise for this.
Apple is defying the reluctance to consume, mainly thanks to the strength of the iPhone. In the past quarter, the group increased sales by eight percent to 90 billion dollars. Apple is a relatively safe haven in the current stormy environment, wrote Credit Suisse analyst Shannon Cross. The company was surprisingly profitable in the third quarter, according to JPMorgan's Samik Chatterjee.
T-Mobile US shares rose 7.4 percent. After a continued strong influx of customers, the Telekom subsidiary has increased its growth forecast again. T-Mobile CEO Mike Sievert spoke of the strongest increase in the number of contract customers in the company's history. In the wake of T-Mobile US, Verizon's shares gained 4.1 percent.
In the US oil industry, meanwhile, profits are bubbling up thanks to high oil and gas prices. ExxonMobil beat expectations with record third-quarter earnings of nearly $20 billion. The course rose by 2.9 percent. The competitor, Chevron, has recently made a lot of money from the high prices, with the price going up by 1.2 percent.
The euro fell slightly and was last listed at 0.9963 US dollars. The European Central Bank had set the reference rate at 0.9951 (Thursday: 1.0037) dollars. The dollar had thus cost 1.0049 (0.9963) euros. After a three-day recovery, prices on the US bond market fell again. The futures contract for ten-year Treasuries (T-Note Future) lost 0.55 percent to 111.08 points. In contrast, the yield on ten-year government bonds rose to 4.00 percent.
