New York (dpa-AFX) – Small price gains dominated US stock markets on Tuesday. However, the recent trend-setting US bond market and corporate quarterly balance sheets have not provided any strong impetus to equity markets. There is no price moving economic data on the agenda. Against this backdrop, the leading index Dow Jones Industrial Average moved within a narrow range and eventually rose 0.37 percent to close at 38,521.36 points. That left the Dow short of its most recent record high of 38,800 points.
The tech-heavy Nasdaq 100 index missed another record high in early trade, with prices falling later. The index was down 0.23 percent at 17,572.73 points. The benchmark S&P 500 rose 0.23 percent to trade at 4954.23 points.
Earlier in the day, a sharp rise in interest rates on US government bonds weighed on equity markets. The prices of the New York Stock Exchange and Nasdaq are currently determined primarily by expectations regarding the US Federal Reserve's monetary policy. Recently, reports from central bank officials and strong economic data from the US have dampened hopes that key interest rates will drop again soon.
In addition to the central bank, interest was again the focus of many quarterly financial statements by companies. The chemical company Dupont's announcement of a buyback of shares was met with great acclaim. Prices rose by 7.4 percent. German industrial gas producer Linde reported a surprisingly strong fourth quarter. Nasdaq-listed stocks rose 3.7 percent.
In the pharmaceutical sector, Eli Lilly initially impressed with a surprisingly strong surplus in the final quarter of 2023. The stock initially rose a good 5 percent to record highs. However, investors later took profits and the stock turned negative.
Spotify shares are up 3.9 percent since the end of 2021. Despite the high prices, more people subscribed to the audio streaming service's paid offering in the final quarter of 2023.
Symbiotic shares fell by nearly a quarter. The warehouse automation specialist disappointed with its quarterly loss and profit forecast for the second quarter.
Shares of New York Community Bancorp fell 20 percent to their lowest level since 1997. The price had already fallen in the past few days following analyst downgrades and concerns about the bank's creditworthiness.
Shares in UPS benefited from a fresh buy recommendation from UBS Bank and rose 4.9 percent. Analyst Thomas Wadwitz advised investors to buy the logistics group as it seeks to cut costs.
In the foreign exchange market, the euro steadied after recent heavy losses and traded at $1.0756. The European Central Bank earlier set the benchmark rate at 1.0743 (Monday: 1.0746) to the dollar. So the dollar is worth 0.9308 (0.9305) euros.
US stock prices rebounded after two weak trading days. The ten-year government bond (T-Note futures) futures contract rose 0.48 percent to 111.31 points. In response, the yield fell to 4.09 percent./bek/he
— Benjamin Krieger, dpa-AFX —