Fresh records on Wall Street. Banks down, bigtechs up

2021-11-04 22:05

2021-11-04 22:05

Fresh records on Wall Street.  Banks down, bigtechs up
Fresh records on Wall Street.  Banks down, bigtechs up
photo: LUCAS JACKSON / / Reuters

Thursday’s session brought new all-time records on the New York Stock Exchanges. The quotes of processor producers and great internet monopolies went up. On the other hand, bank stocks were cheaper.

The almost daily beating of historic peaks is a new secular tradition on Wall Street. On Thursday, the S & P500 broke the all-time record for the 64th time this year. This time it went up by 0.42%, finishing with the result of 4,680.06 points. The new peak was also won by Nasdaq, who gained 0.81% and reached the ceiling of 15,940.31 points. Yesterday’s record was not improved by Dow Jones, which lost 0.09%, but remained above 36,000 points.

For several weeks now, the US stock market has reacted only to good news, ignoring any concerns. The Federal Reserve is turning off the easy money tap – that’s a good thing, because interest rates will stay at zero for a long time. The macroeconomic data is not the best – it is even better, because the Fed will keep interest rates at record low for a long time, leaving no competition for equities.

Of course, the results of US corporations remain a strong support for the stock indices. According to FactSet, 83 percent. companies from the S&P 500 index, which so far reported this season, exceeded the consensus assuming an over 30% increase in earnings per share compared to Q3 2020. Good news also came from the labor market – the number of newly registered unemployed in the US fell last week to 269,000. (compared to 283,000 a week earlier), which is the lowest result since March 2020.

On the earnings front, Qualcomm was a positive surprise and additionally presented good forecasts for the current quarter. The price of the processor producer’s shares went up by nearly 13%. Competitive nVidia’s price rose by 12%. Internet giants were also doing well. Amazon’s stock rose by almost 3%, Meta Platforms (this is what the owner of Facebook is now called) and Albpabet’s shares gained over 1%. Big gaming did not disappoint either: Electronic Arts’ ratings rose by more than 2%, and Take-Two Interactive by almost 5%.

Bank stocks were the weaker link today. Goldman Sachs fell by over 2% and JP Morgan by over 1%. On the other hand, Moderna’s quotations fell by almost 18%, as the pharmaceutical colossus lowered this year’s sales forecast for its preparation against Covid-19.



About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

Check Also

BE CAREFUL! Do you have these things at home? Do not eat this! Biedronka, Lidl, Auchan … withdraw contaminated food. See the list of these products

FOOD! Popular stores, such as Lidl, Biedronka or Auchan, are withdrawing whole batches of food …

Leave a Reply

Your email address will not be published. Required fields are marked *