May 16, 2022

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Small pluses on Wall Street at the start of the US revenue season

Small pluses on Wall Street at the start of the US revenue season

Stock markets in New York started the trading day with small gains on Wednesday. Investors processed figures from a number of companies, including Bank JPMorgan Chase, airline Delta Air Lines and Investor BlackRock. This marks the beginning of the US revenue season. There were also figures where the prices of American manufacturers had never risen sharply.

The Dow Jones industrial average rose 0.1 percent to 34,260 in the first few minutes of trading. The broader S&P 500 was up 0.2 percent at 4,405 points and the Tech Nasdaq was up 0.4 percent at 13,419 points.

JPMorgan Chase (minus 3 percent) revenue and profits plummeted. Due to the war in Ukraine, among other things, fewer agreements were concluded. Stock markets also plummeted, reducing the profits of the trading branch. In addition, at the same time last year, banks used the money they set aside to repay potential loans. JP Morgan Chase satisfies shareholders with $ 30 billion repurchase of its own shares.

Delta Airlines expects a strong return on bookings this summer. The airline said it had recently achieved record sales. These bookings should help the industry absorb the drastically increased costs of fuel. In addition, Delta has already limited the number of flights to increase air fares. The stock rose 4.6 percent.

Investor BlackRock raised $ 114 billion in its funds in the first three months of this year. The stock lost 0.2 percent.

Google has announced it will invest $ 9.5 billion in offices and data centers this year. With this, the company wants to try to attract more employees to the offices. Google also plans to create 12,000 new jobs in the United States. The parent company Alphabet is up 0.2 percent.

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Sierra Oncology rose nearly 38 percent. Biotech, a cancer treatment company, has been acquired by pharmaceutical company GlaxoSmithKline for $ 1.9 billion.

U.S. oil prices rose 1.9 percent to $ 102.50 a barrel. Brent oil prices rose 2.3 percent to $ 106.93 a barrel. The euro was trading at $ 1.0821 at the close of trading on Tuesday.