Wall Street increasing in the wake of Delta and Nvidia
par sinéad carew et pranav kashyap
The New York Stock Exchange ended up on Thursday, with new peaks for the S & P-500 and NASDAQ, while investors have ignored the latest warnings by US President Donald Trump about customs duties, while Delta’s solid forecasts fed optimism.
The Dow Jones index won 0.43%, or 192.34 points, at 44,650.64 points.
The wider S&P-500 took 17.20 points, or 0.27%, at 6,280.46 points.
The Nasdaq Composite advanced 19.33 points (0.09%) at 20,630.67 points
This is the fifth closing record recorded by the S & P-500 since June 27, confirming its rise in the sequel to the hollow that occurred in early April when Donald Trump announced large so-called “reciprocal” customs taxes against dozens of United States’s trade partners-measures for the most part reported in the process. The Nasdaq signs a sixth closure record in two weeks.
Wall Street was also supported by Nvidia. The semiconductor manufacturer was established above the threshold of $ 4,000 billion in stock market valuation which he had briefly crossed, for the first time, the day before.
Approaching the start of the results season, Delta said in the day anticipate a profit superior to the expectations for the current quarter and for the whole year. Its title jumped 12%.
This contributed to optimism on the market and benefited the entire airline sector, other airlines such as United Airlines and American Airlines marking increases of 14.3% and 12.7% respectively.
Data published Thursday show that weekly unemployed registrations in the United States were lower than expectations, constituting a seven -week lower – it is however common that this data is volatile during this period, around the American national holiday on July 4.
Delta’s forecasts and unemployment data have contributed to reassuring investors, commented Mark Luschini, chief strategist of Janney Montgomery Scott, in Philadelphia.
“This favored the return of risk (…),” he said, adding that investors were “increasingly insensitive” with regard to the possible impact of customs duties on inflation and employment. “For the time being, they do not take this threat into account, and should not do so as long as there is no tangible evidence.”
If he began to send letters to business partners to warn them of important future customs rights, Donald Trump also postponed the date of entry into force of these taxes on August 1. The American president said he wanted to take 50% customs duties from products from Brazil as well as all copper imports in the United States from next month.
According to the report published on Wednesday, officials of the Federal Reserve (Fed) said during the last meeting of the American central bank expect the inflationary pressures caused by customs duties to be “temporary or modest”. They have agreed that rates decreases this year would be appropriate.
The markets are focusing on a first rate reduction in September, while the assumption of a decline in July is almost excluded, the “minutes” of the Fed having shown that only a small minority of officials were favorable.
Nine from the eleven major sectors of the S & P-500 finished Thursday in the green. Communication services and technologies fell slightly.
If Nvidia increased by 0.7%, other technological giants marked folds – Netflix, Microsoft and Meta.
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(Written by Jean Terzian)
