2023-07-31 17:32:17
New York Investors on Wall Street hardly dared to duck out of the way at the start of the week in front of important company balance sheets and economic data. The Dow Jones index closed 0.3 percent higher at 35,559 points. The tech-heavy Nasdaq advanced 0.2 percent to 14,346 points.
The broad S&P 500 gained 0.1 percent to 4588 points. “We’ve had a solid month and we’re at a point where we’ve seen enough of the earnings reports to know they’re going to be better than we had feared,” said Art Hogan, market strategist at B Riley Wealth.
After the figures from several heavyweights, US investors were waiting for the quarterly reports from the smartphone giant Apple, the online retailer Amazon and the semiconductor company AMD, which were due in the course of the week.
Positive quarterly results from technology companies such as Alphabet, Meta and the chip manufacturers Intel and Lam Research had recently driven prices. Investors are also keeping an eye on the upcoming survey results for manufacturing and the service sector as well as the wages and salaries report for July.
In the case of individual values, meanwhile, a new setback in the scandal about allegedly asbestos-contaminated baby powder slowed Johnson & Johnson (J&J) down. The shares of the US consumer goods group fell by around four percent.
A US judge had rejected J&J’s second attempt to bankrupt a subsidiary that had been set up to contain billions of dollars in risks associated with the controversial talc product.
In contrast, the semiconductor group ON Semiconductor climbed by 2.5 percent. The outlook for the third quarter, which exceeded analysts’ expectations, provided tailwind. The group is benefiting from the rapidly increasing demand for electrification and renewable energies, said CEO Hassane El-Khoury.
Look at other individual values
Salesforce: A negative analyst comment sends the SAP rival’s shares plummeting. The titles of the US software group gave in some cases 1.5 percent. Analysts at the US bank Morgan Stanley have downgraded the stock to “Equal Weight” after previously “Overweight”.
The positive prospects for the IT industry due to the hype about artificial intelligence (AI) are already priced into the share price, they justified their decision. Investors will now have to wait and see whether it will affect sales.
Adobe: The stock rose 3.3 percent after Morgan Stanley upgraded the stock from “equal weight” to “overweight” and raised its target price, citing artificial intelligence tailwinds.
Ford Motor: Analyst firm Jefferies downgraded the stock to “hold” citing the weak forecast for the Model E. Ford stock lost a percent in value at times.
Walt Disney: According to a report by the Financial Times, the company is bringing back two former executives who were previously considered potential successors to Bob Iger. The two are Kevin Mayer and Tom Staggs. The stock is up more than 3 percent.
AMC: The run on the cinema films “Barbie” and “Oppenheimer” meanwhile inspired the US cinema chain AMC. Titles jumped more than 7 percent after opening screenings of the two films gave the US company its best week in box office in the company’s 103-year history.
Hasbro: The toy manufacturer’s shares fell almost three percent. Bank of America upgraded the stock from neutral to buy. Hasbro was expected to beat earnings expectations with its earnings report on Thursday amid strong demand for the Lord of the Rings magic set.
Nikola: D
More: Investors doubt automatic investment The sale of 13 electric trucks to a subsidiary of JB Hunt Transport Services apparently gave investors hope for further orders and pushed the struggling electric truck builder Nikola by almost 18 percent. The first agreement includes ten electric trucks with batteries and three hydrogen fuel cell trucks, the group said.
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