NEW YORK (dpa-AFX) – In view of increasing concerns about a second coronavirus wave, the US stock exchanges are likely to plummet again after a recovery on Friday at the start of the week. After a renewed spike in infections in southern states in the United States, China’s national health authority reported new cases of infection over the weekend. After many weeks in which there had hardly been any new diseases, a new outbreak had occurred in a wholesale market in Beijing. The Dow Jones Industrial (Dow Jones 30 Industrial) should therefore fight for the 25,000 point mark this Monday.
Around three quarters of an hour before the start of trading, the broker IG estimated the US benchmark index around 2.4 percent lower to 25,005 points. On Friday, the Dow had made up almost two percent of ground again, reducing its weekly loss to 5.6 percent. But last Thursday alone, the world’s best-known stock market barometer collapsed by almost 7 percent after a gloomy economic assessment by the US Federal Reserve and first burgeoning worries about a second corona wave drove investors to flight.
According to Craig Erlam, it’s not just worries that dominate investors’ minds on Monday. “Even after the recent sharp rise, equity positions will probably be trimmed somewhat again,” he commented. Finally, investors are likely to feel a little uncomfortable about a possible second wave of infections, as the market has now almost completely recovered.
Among the individual values are likely again Oil stocks weaken. ExxonMobil fell 3.6 percent and Chevron 3.0 percent. After oil prices had recovered significantly in the past few weeks from their crisis-related slump in March and April, a renewed change in sentiment is now increasingly becoming apparent. The outbreak of infection in Beijing and the increasing concerns about a second virus wave are a further threat to the global economy and thus to oil prices. In addition, the optimism among market participants was exaggerated after the extension of production cuts by the oil cartel OPEC and other large production nations, according to experts.
Walmart (Walmart) shares rose 0.3 percent pre-trading. The retail giant wants to expand its marketplace for third-party products through a cooperation with the Canadian e-commerce provider Shopify (Shopify A). As Walmart managing director Jeff Clementz announced in an interview with the financial news agency Bloomberg, 1200 dealers licensed by Shopify are to be added to the retailer’s online offerings this year. With the cooperation, Walmart wants to continue to catch up with the market leader in online retail Amazon. Amazon lost 0.7 percent before the market.
American Express shares could also be worth a look. The credit card provider is the first non-Chinese company in the country to process bank card payments in local currency. The shares lost 1.3 percent before the trading session, less than the broad US stock market./ck/mis
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