Uber jumped more than 13 percent on the stock exchanges in New York on Tuesday. The US taxi and meal delivery service outperformed investors last quarter. The growth was mainly due to the strong recovery of the taxi service, which was under pressure during the corona pandemic.
Despite the relaxation of the corona measures, customers also continued to order meals via Uber Eats. The taxi and delivery services were the same size in the past.
Wall Street started the new trading month on a positive note. Investors remained optimistic after the strong recovery in October, with the Dow-Jones index posting its biggest monthly gain in nearly half a century. Rumours that China will let go of the strict zero-Covid policy also provided relief. Shortly after the start of trading, the Dow was up 0.7 percent at 32,861.80 points. The broad S&P 500 climbed 0.9 percent to 3906.35 points, and the tech Nasdaq rose 1.3 percent to 11,125.10 points.
The markets are mainly focused on the Federal Reserve, which starts its two-day policy meeting on Tuesday. The US central bank is expected to raise interest rates again by 0.75 percentage points on Wednesday. It would be the fourth time in a row that interest rates have been raised by such a big step in the fight against inflation. However, investors hope that this will be the last significant rate hike.
Pfizer added more than 3 percent. The pharmaceutical and corona vaccine manufacturer raised its expectations for the entire year thanks to strong quarterly results. Sales of the corona vaccine Comirnaty yielded $4.4 billion last quarter. As a result, Pfizer expects to sell around $34 billion of corona vaccines this year, compared to approximately $32 billion.
Competitor Eli Lilly also came up with figures that dropped more than 3 percent. The pharmaceutical company is suffering from increased competition in its cancer drugs. The more expensive dollar is also playing tricks on Eli Lilly, causing the company to lower its expectations for the entire year.
Abiomed rose 51 percent to $381.26. Pharmaceutical company Johnson & Johnson buys the medical device maker for $380 per share in cash. The deal is valued at approximately $16.6 billion. Shares of J&J fell 0.1 percent.
