May 18, 2022

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The rise dominates US stock indices, with the “S&P 500” and the Nasdaq ending a record


11/05 01:05

“> Amwal Al Qad – Amwal Al Qad Economic Magazine

Agencies – At the close of trading on Thursday the US stock indexes dominated the record rise, but the “Dow Jones” index fell alone due to the continued evaluation of the results of the US Federal Reserve meeting.

The Dow Jones Industrial Average was down 0.09% or 33 points at 36,124 thousand points.

The “S&P 500” index rose 0.4% to 19 points, or 4,680 points, while the “Nasdaq” index rose 0.8% or 128 points to 15,940 thousand, both of which set a new record.

Qualcomm shares rose 12.7% after the company achieved better-than-expected quarterly earnings.

American company Modernna fell 18.6% as it lowered expectations for vaccine sales against corona.

The company expects sales of the corona virus vaccine to reach $ 15 to $ 18 billion by 2021, compared to previous estimates of $ 20 billion.

Moderna has lowered expectations for vaccine production this year from 700 to 800 million doses, which is lower than previous expectations, from 800 million to a billion doses.

Moderna’s trading results saw earnings per share reach $ 7.70 in the third quarter of this year, which was lower than expected at $ 9.05.

Amid expectations that 450,000 jobs will be added last October, investors are waiting for the release of the monthly jobs report in the United States on Friday.

On the other hand, in the context of the withdrawal of the approved monetary incentive at the height of the corona virus epidemic, the Federal Reserve announced the start of reducing its securities purchases starting this November.

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Yesterday, after a two-day meeting, the Federal Reserve announced that it would begin reducing the purchase of Treasury bonds by $ 10 billion and the purchase of mortgage-backed securities by $ 5 billion a month.

Beginning later this month, the FOMC said it would buy at least $ 70 billion a month in Treasury bonds and $ 35 billion in mortgage support, replacing the current $ 80 and $ 40 billion, respectively.

Beginning in December, the committee will buy $ 60 billion in treasury bonds and $ 30 billion in mortgage-backed debt, and the pace of reductions will continue on a monthly basis.

The Open Market Committee explained that the move was made in light of the significant improvement in the US economy in achieving the target.

As previously expected, the Federal Reserve has decided to keep interest rates unchanged from zero to 0.25%.

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Amwal Al Ghad .. A comprehensive economic magazine published by the Nile Press and Publishing Company “SAE.” It is the only economic publication in Egypt that has two news websites in Arabic and English to provide excellent news services to all different economic sectors.

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