NEW YORK (dpa-AFX) – Recession worries in the wake of high inflation and rising key interest rates caused restraint on the US stock markets on Thursday. After a friendly opening, the Dow Jones Industrial turned into the red and was last listed 0.3 percent lower at 30,401 points. The market-wide S&P 500 increased by 0.1 percent to 3763 points. The tech-heavy Nasdaq 100
gained 0.5 percent to 11 591 points.
Weekly initial jobless claims fell a little less than expected. Sentiment among purchasing managers in manufacturing and the service sector was worse than forecast in June. On Wednesday, US Federal Reserve Chairman Jerome Powell admitted the possibility of a recession. Avoiding such a thing is “very challenging”.
Oil prices fell again on Thursday due to ongoing economic concerns. This caused significant losses among oil stocks. So the papers belonged to Chevron again one of the weakest values in the Dow with a minus of 4.4 percent. ExxonMobil titles lost 3.7 percent.
Bucking the general market trend, Nike shares rose in price by 1.5 percent. The world’s largest sporting goods company wants to withdraw completely from Russia in view of the ongoing war against Ukraine. Like many other Western companies, Nike had already significantly restricted its business in Russia after the invasion of Ukraine.
The troubled e-cigarette company Juul is no longer allowed to offer its products on the US home market. The FDA on Thursday issued a sales ban on the grounds that Juul’s products posed too great a risk to public health. An e-cigarette epidemic among US youth put the FDA under pressure to act.
The shares of the US tobacco company Altria already had corresponding press reports the day before drop by more than 9 percent. The Marlboro manufacturer acquired a 35 percent stake in Juul in December 2018 for $12.8 billion. Meanwhile, Altria has almost completely written off the stake. Most recently, she was still on the balance sheet with a value of 1.6 billion dollars. On Thursday, Altria shares rose 0.9 percent.
Robert Half International shares fell 6.6 percent after Bank of America (BofA) downgraded the staffing company’s shares by two notches from “buy” to “underperform” and the price target from $133 to $67 was practical had halved. As analyst Heather Balsky wrote in a study available on Thursday, conditions on the labor market are likely to become more difficult in 2023./edh/mis
ISIN US2605661048 US6311011026 US78378X1072
AXC0344 2022-06-23/20:21
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