Before the US consumer price data coming up in the middle of the week, investors now apparently take profits first, explained analyst Michael Hewson of CMC Markets UK. Inflation has been one of the main themes on the stock market for a long time, but it was recently pushed into the background by the positive reporting season. The producer prices published on Tuesday caused hardly any price reactions.
The market-wide S&P 500 lost 0.48 percent to 4679.20 points. The technology-heavy Nasdaq 100 lost 0.78 percent to 16,209.14 meters.
Among the individual stocks, the focus was on General Electric (GE) with demerger plans. The papers of the industrial group gained more than three percent. The management intends to split GE into three listed companies in the coming years: GE Aviation, GE Healthcare and a group that includes, among other things, the alternative energies, energy and digitalization businesses.
The shares of PayPal sagged by almost twelve percent. After the initial online shopping boom in the corona pandemic, business with the payment service is no longer quite as smooth. The figures for the three months to the end of September were below analysts’ expectations. In addition, PayPal lowered its annual targets.
Nvidia were worth over $ 800 billion for the first time on Tuesday. The head of the graphics chip manufacturer, Jensen Huang, had spread optimism at a technology conference and thus convinced analysts and investors. The latter then used the other course records to take profits. Nvidia recently fell by more than two percent.
Tesla expanded their previous day’s losses with a minus of more than ten percent. The shares of the electric car maker are extremely overvalued, said an analyst. In the previous week they had reached a record high of $ 1,243. At the beginning of the week, they came under pressure after company boss Elon Musk had voted on Twitter whether he should sell part of his Tesla shares in order to pay more taxes. The twitter benefits were for that.
The Biontech papers lost more than five percent. The corona vaccine manufacturer had performed surprisingly strong in the third quarter. The day before, the papers had increased by twelve percent./ajx/he
(AWP)
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