Campbell Soup lost a lot of stock value at the opening of the stock exchanges in New York on Wednesday.
Investors reacted to disappointing results released by the food manufacturer. Furthermore, it promises to be another relatively quiet trading day.
The indicators on Wall Street have barely moved for days, and that picture is no different now. The market is mainly waiting for important figures on inflation in the United States. These will be released on Thursday, more or less at the same time as the presentation of the new interest rate decision of the European Central Bank (ECB). High inflation could prompt the Federal Reserve to taper support more quickly and raise interest rates.
The leading Dow-Jones index was a fraction lower at 34,597 points shortly after the opening bell. The broad-based S&P 500 gained 0.1 percent to 4,233 points, and Nasdaq’s technology exchange rose from 0.5 percent to 13,989.
Campbell Soup, best known in the Netherlands for works of art with soup cans by Andy Warhol, lost more than 7 percent. Both the company’s profit and sales came in lower last quarter than analysts had forecast. The extra supply costs, among other things, weighed on the results.
Meanwhile, tensions between the US and China have also risen again. China accused the US of suffering from “paranoid delusions” after the US Senate agreed to massive investments to reduce the People’s Republic’s economic power, especially in technology.
Parcel delivery company UPS also presented new financial targets for 2023 and dropped more than 1 percent. Oil company ExxonMobil has made a new oil discovery off the coast of Guyana. The stock rose 0.5 percent.