NEW YORK (dpa-AFX) – After a weak trading day in Europe so far, the recovery on the US stock exchanges is also threatening to lose momentum on Tuesday. After there had been no trading on Wall Street at the beginning of the week due to the holiday, the oil prices, which have meanwhile risen sharply, could spoil the stock market traders’ freshly ignited desire to buy. Because that means that fears of inflation and recession will come up again a little more.
The broker IG assessed the Dow around three quarters of an hour before the start with a good 0.8 percent minus at 32950 points. For the tech-heavy Nasdaq 100 it fell by 0.57 percent to 12,609 points.
This could still shatter hopes for a positive price balance for the otherwise rather weak stock market month of May. The leading US index only managed the largest weekly increase since 2020 last week. Bargain hunters grabbed it again and used the supposedly cheaper prices after the slide from the end of April to mid-May to get started. Signals from the US Federal Reserve, which investors had taken as evidence of only a gradual tightening of US monetary policy, also helped here.
But there are also controversial opinions in the Fed: At the beginning of the week, Fed Governor Christopher Waller spoke out in favor of larger interest rate hikes, which once again fueled the concerns of many stockbrokers. The interest rate policy of the US Federal Reserve is now likely to be in the limelight in further trading on Tuesday, when Fed Chairman Jerome Powell will meet with US President Joe Biden.
In addition to some economic data on the agenda, such as US consumer confidence, investors in the industry are likely to be keeping an eye on oil stocks because of the price increase. Industry member Chevron’s already strong shares for example, like those of competitor ConocoPhillips, became more expensive
premarket by around one percent. Marathon Oil was up more than 3 percent.
Oil prices recently rose sharply after the European Union (EU) decided on a partial oil embargo against Russia. To this end, Russian oil deliveries by sea are to be prevented.
Meanwhile, a strong start in the movie “Top Gun – Maverick” is boosting the shares of the cinema operator AMC
Entertainments – here there was a pre-market price increase of more than eleven and a half percent. Numerous Chinese companies listed on Wall Street, such as Alibaba and Baidu, also posted high price gains. They benefited from the easing of the corona lockdowns in China and improving Chinese economic data with an increase of up to six percent.
After the trading day, investors on Wall Street also have to digest a few quarterly reports, including those from the US software manufacturer Salesforce and the computer veteran HP Inc ./tav/mis
ISIN US2605661048 US6311011026 US78378X1072
AXC0279 2022-05-31/15:10
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