NEW YORK (dpa-AFX) – High price losses after the business figures of the two tech giants Intel and IBM called off the record hunt on Wall Street before the weekend. Both stocks came under strong selling pressure on Friday. The US leading index Dow Jones Industrial (Dow Jones 30 Industrial), which includes both stocks, fell 0.28 percent to 31,089 points.
The driving force behind the latest rally, the technology-heavy NASDAQ 100, was down 0.15 percent to 13,385 points. The market-wide S&P 500 also fell slightly by 0.11 percent to 3849 points. The day before, all three of the stock market barometers mentioned had soared to new historical highs.
The day before, the Dow and the S&P had not been able to hold initial gains until the closing bell. Slowly but surely, the euphoria about Joe Biden’s assumption of office is giving way to worries about the corona pandemic. The new US president’s plans for another major stimulus package to combat the effects of the pandemic are also meeting resistance in the Senate. Biden’s Democrats have a wafer-thin majority there thanks to the vote of Vice President Kamala Harris. For many measures, however, Biden is dependent on dissenters from the ranks of the Republicans.
The shares of IBM slumped as the biggest loser in the Dow by almost ten percent to the lowest level in two months. The computer dinosaur suffered surprisingly significant business losses at the end of the year. Net profit collapsed by two thirds due to high spending on corporate restructuring. The corporate restructuring at IBM will continue in the new year, said analyst David Vogt from UBS. The results in the cloud business fell well short of expectations.
Intel, however, had convinced investors on Thursday shortly before the close of trading with the quarterly report. On Thursday evening, the price jumped nine percent to its highest level since June last year. At this level, investors now cashed in on Friday and raked in price gains. In addition, some investors were apparently disappointed by statements from the prospective CEO Pat Gelsinger, who wants to continue to manufacture the majority of Intel chips himself – which some have been critical of the problems with in-house manufacturing technology in the recent past. The Intel papers lost more than eight percent.
Schlumberger shares turned positive after initial losses and gained 0.5 percent. The supplier and service provider for the oil– and gas industry exceeded expectations with quarterly profit. The falling oil price, on the other hand, put pressure on the quotations of large oil companies such as Chevron and Exxon Mobil (ExxonMobil) ./ got / men
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