NEW YORK (awp international) – The US stock market is likely to open weakly on Friday after US inflation data. The broker IG valued the leading index Dow Jones Industrial a good three-quarters of an hour before the start of trading with minus 0.85 percent to 32,000 points. The technology-heavy Nasdaq 100 was recently rated 1.33 percent weaker. In the process, the Uni-Michigan consumer confidence could provide information about the mood of the US economy.
The inflation rate in the US climbed to its highest level in over 40 years in May. Consumer prices rose by 8.6 percent compared to the same month last year. Economists, on the other hand, had expected an unchanged inflation rate of 8.3 percent on average. “The latest data show that the US Federal Reserve obviously does not have inflation dynamics under control,” said market expert Timo Emden from Emden Research. Investors now feared that the Fed could tighten interest rates more quickly than previously assumed in order to curb inflation.
Among the individual values, the focus could once again be on Tesla shares. The US Department of Transportation has expanded its investigation into Tesla’s Autopilot driver assistance system after a series of rear-end collisions. Since the investigation began in August, she has identified six other incidents in which Teslas with the “Autopilot” system turned on crashed into emergency vehicles parked at the curb. Originally, there were eleven such accidents. The papers of the electric car manufacturer recently fell by almost 2 percent in pre-market trading.
Netflix and Ebay titles dropped 7 and 6 percent premarket. The US investment bank Goldman Sachs had downgraded the shares in the streaming provider and the online auction house from “neutral” to “sell” and significantly reduced the price targets. Analyst Eric Sheridan lowered his business forecasts for many US technology and internet companies. At Netflix, he fears increased competition and the negative impact of a recession on consumer behavior. The expert sees Ebay’s future sales growth at risk.
Docusign’s shares fell by a quarter after the e-signature platform’s disappointing quarterly results. At DocuSign, revenue momentum deteriorated again in fiscal first quarter./edh/ajx/jha/
–
