Equities New York Outlook: Dow Jones keeps record in sight – Tesla in focus

NEW YORK (dpa-AFX) – The US stock market is likely to remain at a high level on Monday after its most recent record hunt. The broker IG assessed the Dow Jones around an hour before the start of trading to 36,449 points and thus around 0.3 percent above its Friday close. At the end of the week, the Dow was driven by encouraging job market data and a success for the pharmaceutical company Pfizer in the search for a drug against Covid-19 rose to a record of 36,484 points, but had closed slightly below.

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Over the weekend there was definitely positive news from China. The country’s economy recorded surprisingly stronger export growth in October, despite a weak domestic market. Otherwise, the economic side offers little orientation at the start of the week. Only on Tuesday will US producer prices return to data that will be taken into account in view of the ongoing inflation worries. US consumer prices will follow on Wednesday.

On the corporate side, the focus is on the electric car manufacturer Tesla. Company boss Elon Musk let Twitter users vote whether he should sell a tenth of his Tesla shares in order to pay more taxes. The survey gave a “yes”. The package would be worth around $ 21 billion (€ 18 billion) at the previous closing price on Friday. Musk did not provide any indication of how quickly he would reject the package. Long-term schedules are often set for stock sales by top managers.

Tesla shares fell a good four percent to $ 1,171 in pre-market trading on Monday. However, they had hit a record high of $ 1,243 just last week.

The papers of the IT security company McAfee fell by a good 3 percent in the premarket. However, they shot up by a fifth on Friday after the Wall Street Journal reported that the company was about to be sold to financial investors. The plans became official on Monday ./mis/jha/

Source: dpa-AFX

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