Mixed on Wall Street – Palantir falls sharply – E24

The Dow Jones index rose for the fifth day in a row.

This is how it looked for the trend-setting indices on Wall Street at the close of trading on Tuesday:

• The collective index S&P 500 rose 0.13 percent
• The technology index Nasdaq ended down 0.10 percent
• The Dow Jones climbed 0.08 percent

Wall Street rounded off Monday with a broad rise, driven by the technology index Nasdaq, which ended up 1.19 percent.

The labor market figures that came in from the US before the weekend, the so-called nonfarm payrolls, have given rise to stock markets worldwide. The background is that fewer jobs were created than expected, which indicates a less hot labor market, which in turn means that more people dare to hope for faster interest rate cuts.

– The market is still pricing in that inflation will be conquered, perhaps not down to 2 per cent, but certainly below 3 per cent. The central banks will win, and the cost will be a slower economy, says Hal Reynolds, head of investments at Los Angeles Capital Management, to the Reuters news agency.

The Dow Jones index rose for the fifth day in a row on Tuesday.

– We continue to see a path towards higher share prices as long as the fundamentals continue to be stable and earnings growth remains on a positive trend, says Anthony Saglimbene at Ameriprise to the Bloomberg news agency.

Palantir shares fall heavily

The data analysis company Palantir presented its quarterly report after the stock market closed on Monday evening.

The adjusted operating result was in line with the analysts’ expectations, while the revenues exceeded expectations.

The company’s guidance was nevertheless lower than what was expected, which weighed on the share after the stock market opened on Tuesday.

The course fell by almost 15 percent.

Smaller Disney deficit

The entertainment company Disney presented quarterly results for the accounting second quarter before the stock market opened on Tuesday.

The deficit was 18 million dollars last quarter, a sharp improvement from minus 659 million a year ago.

Disney’s streaming services are Disney+ and Hulu on the entertainment side, as well as ESPN+ on the sports side. If you only look at entertainment streaming, there was a profit of 47 million dollars.

Despite stronger than expected figures, the share fell almost 10 per cent.

The news agency Bloomberg writes that the fall comes in the wake of the company reporting fewer subscribers in the second quarter of the streaming service Disney+.

Disney also raised guidance on earnings per share to 25 percent from 20 percent for the full year, which was below expectations, according to Bloomberg.