Hhey interest rates didn’t stop investors from buying in the US market on Thursday. After a weak start, the interest-sensitive growth stocks from the technology sector also made it into the black two hours before the end of trading. And this despite the fact that the yield on ten-year government bonds had climbed to the highest level since November. The initial jobless claims confirmed that the tight monetary policy of the US Federal Reserve has so far had no visible impact on the booming American labor market.
Thanks to a price firework at Salesforce, the leading US index, the Dow Jones Industrial, was consistently up and recently gained 0.88 percent to 32,949.56 points.
The S&P 500 gained 0.48 percent to 3970.40 points, initially winning the battle for its 200-day moving average. The Nasdaq 100 technology selection index rose 0.53 percent to 12,002.37 points. After turning positive, it is again above the 200-day line, which technically oriented stock traders pay close attention to as an indicator of the long-term trend.
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Papers from SAP competitor Salesforce jumped up to 16 percent to their highest level since August 2022. The US software manufacturer surprised investors with strong quarterly figures and an optimistic view of the future. JPMorgan expert Mark Murphy praised the margin increase, which is almost entering “hyperspace”. In the Nasdaq 100 there was also a double-digit price winner with the cloud specialist Okta at the top according to business figures.
Tesla, on the other hand, was not able to convince at the Investor Day, which was acknowledged by investors with a price discount of over eight percent at times. According to Bernstein expert Toni Sacconaghi, there was “a lot of vision and little concrete”. His JPMorgan colleague Ryan Brinkman also misses clues that can be used to measure future developments.
Investors at Silvergate Capital got even worse with a price halving. The bank, which is heavily involved in cryptocurrencies, fears for its business survival after the spectacular collapse of the digital currency exchange FTX. It already reported a loss of $1 billion for the past quarter and warned that it could be even higher. It also postponed the deadline for submitting the annual report.