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American stock indices rose on the basis of trading on Friday


Standard & Poor's 500 increased by 61.35 points (1.49%) - up to 4173.85 points.

The Nasdaq Composite added 304.99 points (2.32%) to 13429.98 points.

At the end of last week, the Dow Jones lost 1.1%, the S&P 500 fell 1.4%. The Nasdaq fell 2.3% amid a sell-off in tech stocks. The pressure on the American stock market last week was exerted by the data on the acceleration of inflation in the USA in April.

High inflation is likely to remain in the spotlight amid accelerating recovery from the pandemic, according to UBS Global Wealth Management Chief Investment Officer Mark Hafele.

Federal Reserve officials said last week that they forecast inflationary pressures will be temporary, which makes it too early to wind down the asset repurchase program or raise interest rates.

Meanwhile, US retail sales in April were unchanged from the previous month, the country's Commerce Department said. Experts predicted an average growth of 1%, according to data from Trading Economics. MarketWatch respondents rated it at 0.8%.

The volume of industrial production in the United States in April rose by 0.7% compared with the previous month, according to a report by the US Federal Reserve System (FRS). The consensus forecast of experts provided for an increase in the indicator by 1%, according to data from Trading Economics.

Consumer confidence in the United States in May fell to 82.8 points from 88.3 points a month earlier, according to preliminary data from the University of Michigan, which calculates this indicator. Analysts on average predicted an increase in the index to 90.4 points, Trading Economics reports.

On Friday, shares of technology companies rose noticeably: Facebook Inc. (+ 3.5%), Apple Inc. (+ 2%), Alphabet Inc. (+ 2.2%).

Farfetch Ltd. added 12.5% in price. The online retailer posted an after-tax profit of $ 516.7 million in the first quarter, compared with a loss of $ 79.2 million a year earlier.

Coinbase Global Inc. Stock Quotes declined by 2.5%, although the operator of the largest US cryptocurrency exchange increased its net profit and revenues in the first quarter of 2021 to record highs.

Airbnb Inc. increased by 4%, despite the company's results in the last quarter. The home booking service had a net loss of $ 1.17 billion, or $ 1.95 per share, in the first quarter, compared with a loss of $ 341 million, or $ 1.3 per share, in the same period a year earlier. Experts surveyed by FactSet, on average, estimated this figure at $ 717 million, or $ 1.05 per share.

Walt Disney Co. fell in price by 2.6%. The world's largest entertainment and media company almost doubled its net profit in the second quarter of fiscal 2021. However, the growth in subscribers to the Disney + streaming service fell short of analysts' expectations.

The material has been provided by InstaForex Company -