NEW YORK (dpa-AFX) – Numerous negative factors put the US stock markets under significant pressure at the beginning of the new week. The leading index Dow Jones Industrial fell 1.43 percent to 34,089.16 points and was thus at its lowest level in two months. The broader S&P 500 lost 1.55 percent to 4,364.46 meters. The technology-heavy Nasdaq 100 was down 1.89 percent to 15 043.68 points.
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Stockbrokers pointed to the fear of investors about the troubled Chinese real estate sector in view of the Evergrande crisis and the feared departure from the loose US monetary policy. In addition to Evergrande and the prospect of lowering Fed stimulus, the stock markets are also facing risks arising from uncertainty over President Joe Biden’s $ 4 trillion economic program and the need to raise or suspend the U.S. Debt ceiling result.
Treasury Secretary Janet Yellen said the US government will run out of money to pay its bills at some point in October if the debt ceiling is not raised and warned of “economic disaster” if lawmakers fail to take the necessary steps .
Among the individual stocks, the stocks of Pfizer and Biontech were the focus of investors. According to the two partners, the corona vaccine has proven to be well tolerated in children between the ages of five and eleven and evokes a stable immune response. The clinical trial data is to be submitted to the European Medicines Agency (EMA) and the US FDA as soon as possible.
In early trading, Pfizer papers were able to escape the pull of the weak overall market and rose by more than one percent. Biontech’s share certificates, which are extremely prone to fluctuations, fell by three and a half percent, but were still within the trading range of the last few weeks.
In the Dow, the very cyclically sensitive shares of construction machinery manufacturer Caterpillar recorded the highest losses with a loss of more than five percent. In addition, given the numerous uncertainties, investors avoided stocks from the financial sector. Goldman Sachs’ papers fell by almost four percent and JPMorgan’s by almost three percent ./la/jha/
Source: dpa-AFX
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