NEW YORK (dpa-AFX) – After the sell-off on the New York stock market in the middle of the week, prices are still under pressure on Thursday. Concerns that the strong price increases and rising interest rates will increasingly burden companies seem to be gaining ground in the market. Economic data released on Thursday fit into this picture. The business climate in the Philadelphia region clouded over surprisingly significantly in May. In addition, home sales in April fell more than expected.
Der Dow Jones Industrial fell on Thursday to its lowest level since March 2021. Just under two hours before the market closed, the leading index lost 0.66 percent to 31,282 points. The market-wide S&P 500 fell by 0.43 percent to 3907 points.
The tech-heavy Nasdaq 100 tried to stabilize after losing a good five percent the day before, but with a recent minus of 0.15 percent to 11,910 points, he found it difficult. The lowest level since November 2020, reached the previous week, is not too far away.
New bad news for the technology sector came from the network supplier Cisco , which cut its annual sales targets significantly after a weak quarter due to ongoing supply chain problems and corona lockdowns in China. Cisco shares fell to their lowest level since November 2020, most recently down 14 percent.
The bad news also continued in the punished retail sector. That’s how Kohl’s worked his profit expectation back. Already swept down by the downward pull in the industry the day before at minus eleven percent, the papers have now recovered somewhat with an increase of almost four percent.
At the sporting goods manufacturer Under Armour the boss resigns after a weak quarter. The shares lost nearly 14 percent. Harley-Davidson stocks were also very weak, falling by more than nine percent
. The motorcycle manufacturer stops deliveries for two weeks. The reason was concerns about good corporate governance at a supplier, it said./ajx/he
ISIN US2605661048 US6311011026 US78378X1072
AXC0381 2022-05-19/19:56
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