November 30, 2022

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Technology stocks continued to rise after yesterday on Wall Street

Technology stocks continued to rise after yesterday on Wall Street

On Thursday, inflation figures from the world’s largest economy surprised on the downside, sparking A rally in the stock market we haven’t seen since 2020. The technology-weighted and interest-sensitive Nasdaq Composite Index rose more than 7 percent.

Before the exchanges opened, futures were positive, but at the beginning of the trading day they pulled back, with a clear drop in industrial stocks and a nice but more moderate technical lift. At the closing time at 10:00 pm, the major US indices closed as follows:

  • The broad S & P500 index rose 0.92 percent.
  • The Dow Jones Industrial Average rose 0.10 percent.
  • The Nasdaq index rose 1.88 percent.

The Nasdaq gained good traction from giants Apple, Meta and Tesla, which rose 1.93, 1.03 and 2.75 percent, respectively. Which could mean that Meta investors in particular can take a break, after the year has mostly seen a significant drop in the company’s market capitalization.

When US authorities released inflation figures on Thursday, markets immediately priced in the lower interest rate path from the US central bank.

The stock market is breathing a sigh of relief. It’s more forward-looking than the central bank, and very sensitive to interest rates, Olaf Chen of Storebrand said.

With prices increasing by more than seven percent, it was nevertheless clear that the US central bank (the “Federal Reserve”) had not yet finished tightening its grip on inflation.

Chief Strategist Quincy Crosby at LPL Financial says the same CNBC:

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Even if inflation is moving in the right direction, it does not mean that it has been excluded from the broader economy. That doesn’t mean the Fed’s job of restoring price stability is over, he says.

On Friday afternoon, the University of Michigan released the survey that measures Americans’ opinions of themselves and the country’s economy. Inflation expectations showed higher than expected, and according to the survey, Americans now believe prices will rise 3 percent annually over the next five to 10 years, up from 2.9 percent in October.

Next year, Americans expect prices to increase by 5.1 percent, compared to five years in October. The sentiment index ended at 54.7, down from 59.9, worse than some estimates previously obtained by Bloomberg.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.