Despite US inflation as high as it has been in nearly 40 years, Wall Street investors stocked up on stocks on Friday. The Dow Jones index of standard values climbed 0.5 percent to 35,917 points. The broader S&P 500 rose 0.6 percent to 4699 meters. The index of the technology exchange Nasdaq gained 0.7 percent to 15,632 points.
With an inflation rate of 6.8 percent in November, they are miles above the US Federal Reserve’s target of 2.0 percent. “The stock markets are rising because the numbers were pretty much in line with expectations and not, as feared, exceeded dramatically,” said Thomas Hayes, executive member of asset manager Great Hill Capital in New York. Investors have accepted the fact that the US Federal Reserve will accelerate the pace of curbing bond purchases “pretty well.”
Moderna study data on an mRNA-based influenza vaccine were poorly received by investors. The shares slide by more than eleven percent. The initial results apparently indicated that the vaccine was not effective enough to gain an advantage over the already approved flu vaccines. This applies particularly to the elderly. In this context, the Biontech papers also lost around eight percent.
With a price increase of more than seventeen percent, however, Oracle was heading for its best trading day in a year and a half. The enterprise software manufacturer raised its profit and revenue forecast for the current quarter because companies are spending more money on technology. In addition, the software manufacturer announced an increase in its share buyback program by $ 10 billion.
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According to a report from business news agency Bloomberg, restaurant chain Taco Bell has given up plans to try Beyond Meat’s plant-based version of Carne Asada. The share fell 2.8 percent.
The shares of the software company for artificial intelligence climb by seven percent. The company had received a $ 500 million contract from the US Department of Defense for its AI product line.
The outdoor products maker reported adjusted quarterly earnings of 58 cents per share, well below the consensus estimate of 76 cents. Sales also lagged behind the analysts’ forecasts. American Outdoor stocks fell 13 percent.
The fitness equipment manufacturer’s shares lost two percent after Credit Suisse downgraded the shares from “outperform” to “neutral”. Analysts pointed to a number of potential pressures on the stock price, including a return to out-of-home fitness and a shift in consumer spending.
The cinema operator’s shares fell 7.2 percent. According to SEC data, CEO Adam Aron had sold 312,500 shares, and Chief Financial Officer Sean Goodman 18,000 papers. Aron had already indicated in November that he would soon start selling shares as part of his estate planning.