Wall Street lengthens the comeback after the tremors caused in the middle of the week by a dizzying inflation figure, unheard of in more than a decade. Investors cling to the fragility shown by data for retail sales, industrial production and consumer confidence that saw the light this Friday to extend the purchases of the eve.
The consumer confidence data from the University of Michigan fell to 82.8 points in its preliminary reading in May. A fact that supported the idea that the rise in inflation may be due to transitory and non-structural issues. And it is that economists already expected a rebound in this benchmark beyond 90 points.
With this scenario, investors discount more continuity of monetary and fiscal stimuli and more upside margin for the stock market. The Dow Jones add 0.8% to your graph to 34,300 points. 0.9% win the S&P 500, above 4,100 points. The Nasdaq It is the one that takes the most speed with advances of 1.2% to 13,300 points.
This is how Wall Street opens Eduardo Bolinches
The battery of macroeconomic figures that pointed to the downside but pulled up the New York indices also included that of retail sales. After a strong rise of 10.7% in March, in April they were stagnant. Although the market did not expect a rebound of more than 1%, the slowdown was surprising.
Something similar happened with the industrial production index, which only managed to rebound by 0.7% in April. The rate fell short of the 2.4% of the previous month, but also the 1% predicted by the consensus of economists. To finish seasoning this reference, the installed capacity utilization rate only rose to 74.9%.
AMC, the target of another assault
For the corporate field AMC Entertainment it was once again placing itself on the target of a new bullish speculative assault of several communities of Internet foreros. With the slogan #AMCSqueezeIn allusion to bursting bearish investment strategies, they were mobilized around the movie theater company, whose shares totaled 4%.
Much more generous were the rises of DoorDash. 15% added their shares after learning that the company’s profits from Food delivery at home tripled in the first fiscal quarter. At the end of this period, earnings of 1,080 million dollars that easily beat the market estimates.
First Coinbase accounts
In the case of Coinbase, the first presentation of quarterly accounts of the cryptocurrency platform as listed resulted in declines close to 1%. Despite having gone from a quarterly profit of $ 31.9 million a year ago to $ 771.4 million this year and the announcement of the next addition of dogecoin to its catalog, analysts expected even more.
4% yielded the shares of The Walt Disney Co. after having certified in their last accounts that the rate of new subscriptions to its streaming services has been significantly limited compared to other quarters of this pandemic. The turnover of the great fiction factory has fallen from 18,000 million dollars to 15,610 million.