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NEW YORK (dpa-AFX) – The US stock exchanges closed with losses on Tuesday after a temporary recovery from the weak start of trading. Concerns about oil prices, which have risen sharply at times, and high inflation in the Eurozone ultimately got the upper hand. Discussions about how quickly the European Central Bank (ECB) could raise interest rates flared up again. The trigger was the inflation rate, which rose to a record 8.1 percent in May.
After a longer weekend due to the public holiday, the Dow Jones Industrial (Dow Jones 30 Industrial) ended the day down 0.67 percent to 32,990.12 points. It has thus remained stable over the month. The market-wide S&P 500 lost 0.63 percent on Tuesday to 4132.15 points. The technology-heavy NASDAQ 100 was also unable to maintain its interim gains and finally fell by 0.31 percent to 12,642.10 points. In May it lost 1.7 percent.
The focus was primarily on lac stocks, which fell after significant gains in the meantime. Strong-performing shares of Dow member Chevron, which hit a record high on the day at just under $181, ended up falling 2.0 percent. In the S&P 100, ConocoPhillips and ExxonMobil gave up gains and ended 2.0 and 1.6 percent weaker, respectively. Marathon Oil, on the other hand, was able to keep up and rose by 1.2 percent. In early trading, lac stocks benefited from the European Union’s plans to ban Russian oil shipments by sea. However, transport by pipeline remains possible. According to EU Commission President Ursula von der Leyen, oil imports from Russia will be reduced by 90 percent by the end of the year.
The shares of the cinema operator AMC Entertainments (AMC Entertainment A) also closed with losses after at times significant gains. Despite a strong start in the movie “Top Gun – Maverick”, it fell by 0.6 percent.
In contrast, Wall Street-listed Chinese companies such as Alibaba and Baidu (Baiducom) held up. Alibaba rose 2.8 percent and Baidu rose 0.9 percent. The easing of the corona lockdowns in China and improving Chinese economic data provided a boost.
There are also some quarterly reports after the market, including one from the software manufacturer Salesforce, which is listed on the Dow and whose shares fell by 2.9 percent at the end of the Dow. The shares of the computer veteran HP Inc (HP), on the other hand, increased by 0.2 percent before the announcement of the quarterly report.
The euro was $1.0734 at the close on Wall Street. The ECB set the reference rate in Frankfurt trading at 1.0713 (Monday: 1.0764) dollars. The dollar thus cost 0.9335 (0.9290) euros.
On the US bond market, the futures contract for ten-year Treasuries (T-Note Future) fell by 0.60 percent to 119.77 points after the holiday-related break in trading on Monday. The yield on ten-year government bonds rose to 2.85 percent./ck/he
— By Claudia Müller, dpa-AFX —
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