The rise of technology on Wall Street | Finansavisen

The rise of technology on Wall Street |  Finansavisen

Shares of the largest technology companies rose throughout the day Thursday. Owner of Facebook Meta, Amazon, Apple, Netflix and Alphabet (parent company of Google) aka FAANG shares a good day on the stock exchange:

  • Facebook rose 2.98 percent.
  • Amazon shares rose 1.81 percent.
  • Apple shares rose 1.60 percent.
  • Netflix rose 1.99 percent.
  • Alphabet rose 0.69 percent.

Debt ceiling agreement on the Senate

The House of Representatives on Wednesday adopted the much-discussed agreement on the US debt ceiling. The agreement is now being considered in the Senate – a few days before the default deadline – where, according to Handelsbanken, it is expected to pass easily.

“According to Mitch McConnell, the agreement could be put to a vote in the Senate early in the day, thus at the ‘right time’ before the X date of June 5. Investors had already underestimated default risk in the US, and interest in the markets quickly turned Among other things, such as the possibility of the Fed raising again this summer.

Hope misses ADP badly

The possibility of a rate hike at the next Federal Reserve meeting is back on the radar after the number of people employed in the US private sector increased by 278,000 in May, according to new figures released by ADP Employer Services on Thursday.

This was significantly higher than the prior consensus, which indicated an increase of 170,000, according to Trading Economics.

“It may well be that investors are beginning to distrust the ADP report as a subtle advance warning of an important labor market report. Otherwise, today’s report could have really spooked investors hoping for a more moderate report on Friday. Traders are hoping ADP misses the mark. Again, otherwise the Fed may feel it has no choice but to raise interest rates again this month,” Craig Erlam, senior analyst at Oanda, wrote in an update Thursday.

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According to CNBC, Philadelphia Fed Chairman Patrick Harker said on Wednesday that he favors dropping interest rate increases at the June meeting, but at the same time that Friday’s labor market report might make him change his mind.

American industry is slowing down

Elsewhere on the jobs front, 232,000 Americans applied for unemployment benefits for the first time in the week through May 27, compared to 230,000 in the previous week. Up front, a figure of 235,000 was now expected. The number of those continuing to receive unemployment benefits – continuing claims – rose from 1,789,000 to 1,795,000 versus the expected 1,800,000.

Otherwise, the final numbers showed that S&P Global’s US manufacturing Purchasing Managers’ Index (PMI) came in at 48.4 in May, down from 50.2 in April and slightly below the preliminary reading of 48.5.

Meanwhile, today’s figures from the Institute for Supply Management (ISM) showed that the US Purchasing Managers’ Expectations for the manufacturing sector came in at 46.9 in May. Thus it decreased from 47.1 in April. consensus It indicated about 47.0.

Finally, investment in construction in the United States increased by 1.2 percent in April, against an expected rise of 0.2 percent.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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