STOCK EXCHANGES UP, KOHL’S AND MICRON DOWN, S&P 500 + 0.2%

STOCKHOLM (Nyhetsbyrån Direkt) The US stock markets began the week’s last trading day and the third quarter with rising index prices.

By 4 p.m., the Dow Jones industrial average had risen 0.1 percent to 30,805. The technology-heavy Nasdaq composite index rose 0.3 percent to 11,059, while the broad S&P 500 climbed 0.2 percent to 3,793.

The retail company Kohl’s lost 20 percent. The fall came after the forecast for the second quarter was reduced in the wake of reduced consumer activity due to the current inflationary situation. Kohl’s also announced on Thursday that it was suspending talks to sell the company to Franschise Group.

The semiconductor company Micron Technology was also seen to be pressured, by 4.2 percent. The company has announced that it expects clearly lower sales volumes of smartphones than previously estimated for the rest of the year. Reduced customer demand due to the declines in China, combined with the war between Ukraine and Russia, are some of the reasons behind the gloomier forecast. Like onions on salmon, Bank of America has reduced the company’s recommendation to neutral from purchases.

The car manufacturer General Motors’ sales were negatively affected in the second quarter by the ongoing shortage of semiconductors, the company announced. Around 95,000 cars were manufactured during the quarter, but cannot be sold as they lack certain chip components. According to General Motors, most of these vehicles will be able to be completed and in principle all cars will be able to be sold before the turn of the year. The stock added 1.7 percent.

See also  With gasoline at R$10, filling up with ethanol is worth it in 5 states

In an investor letter to customers, JP Morgan once again highlights energy stocks as highly interesting, which the bank has found since the end of 2020. The relationship between risk and return is described as particularly attractive for energy pieces compared to other asset classes, “especially after the latest sharp correction” . The bank already has an overweight recommendation for both Exxon and Marathon Oil. Exxon rose 0.4 percent, while Marathon Oil fell 1.4 percent.

Among other recommendations, Fedex was lowered to retain Berenberg on the grounds that there are risks in the near future that could affect profits. The fact that the profit is affected can in turn stop the recent rise in the share, which has climbed around 12 percent in the last two months. The logistics company’s share fell 2.3 percent.

The US ten-year interest rate was down 13 points to 2.84 percent.

Graph: S&P 500 on Friday 1 July.

Image source: Infront.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.