Wall Street close: US stock markets close almost unchanged
US stock markets returned to profitability on Thursday after a directionless start. However, investor concerns about the growing US federal deficit, which had caused a significant dampening effect in midweek, remain a prominent theme on Wall Street.
The Dow Jones was volatile, fluctuating around its previous day's close for a long time, ultimately ending the day unchanged at 41,859 points. The S&P 500 presented a similar picture, slipping marginally to 5,843 points. However, the Nasdaq 100 actually rose by 15 percent to 21,112 points.
Investors' focus today was on the House of Representatives' passage of the tax and spending bill pushed by US President Donald Trump. The lawmakers narrowly passed the package, which, among other things, provides for a permanent extension of the tax breaks from Trump's first term. The counter-funding, which would also include cuts to social benefits, is facing fierce resistance from the Democrats. The bill now must pass the Senate, which is also dominated by Trump's Republicans, before it can be presented to the President for signature.
"The market is concerned about the sustainability of US government debt," commented Beata Manthey, strategist at Citigroup. This isn't exactly helpful given the recent strong recovery in the equity markets. The tension in the capital market is also reflected in the recent rise in US Treasury yields. Higher interest rates tend to make equities less attractive compared to fixed-income securities.
D-Wave: Record hunt continuesOutside of the major indices, individual stocks caused a stir. Shares of quantum computing specialist D-Wave Quantum continued their record-breaking run, shooting up a whopping 24 percent today ( DER AKTIONÄR reported ).
Clouds are gatheringShares of photovoltaic company First Solar fell another 4.3 percent. Trump's tax law is likely to spell the end of several subsidies in the alternative energy sector (DER AKTIONÄR reported ).
Snowflake shines with forecastSnowflake shares were also in strong demand, rising 13.5 percent. The cloud specialist delivered a positive surprise with its forecast for product sales in the current quarter and also raised its annual target for this. This was well received by investors ( DER AKTIONÄR reported ).
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