Börse Express – New York Stocks: Downturn slowed thanks to Russia’s natural gas statements

NEW YORK (dpa-AFX) – The US stock exchanges have largely contained their heavy daily losses this Wednesday. This went hand in hand with falling oil and gas prices, after they had initially risen further and extended their multi-year highs. The main reason for the turnaround and thus relief among equity market investors was the fact that Russia wants to counter the growing global natural gas crisis. In order to stabilize the energy markets, “record amounts” of gas are to be delivered to Europe, which would also indirectly dampen the demand for crude oil.

Der Dow Jones Industrial (DJIA) around two hours before the close of trading, only 0.17 percent to 34 256.63 points. In early trading, the Wall Street Index had dropped well below 34,000 at times. The S&P 500
last fell by 0.18 percent to 4338.10 points. The tech-heavy Nasdaq 100 even turned positive and recently increased by 0.23 percent to 14,708.52 points.

After months of price rally – especially in the USA – the global stock markets are increasingly in the grip of inflation and economic worries and at the same time suffer from fears that interest rates will soon be raised. The recent sharp rise in oil prices play an important role in this. On Monday, the Opec + group announced that it would not increase its production volume more than planned despite the global oil shortage. Now Chevron’s shares were down about one percent each time
and ExxonMobil .

Investors cautiously acknowledged September employment data from the US private sector, which was released that day, which was much stronger than expected. The fact that the labor market service provider ADP reported an increase in employment of almost 570,000 compared to August, while economists had only expected 430,000 new jobs, did not cause euphoria.

JPMorgan economist Ian Shepherdson does not see them as reliable information for the government’s labor market data due on Friday. In addition, details were missing from which one could deduce why the estimates of economists were so clearly exceeded. “We don’t know whether the overshoot is just model-driven or actually due to stronger employment data from ADP customers,” said Shepherdson.

On the corporate side, the Dow Inc was listed in the DJIA
in focus and fell by 3.6 percent, bringing up the rear. The chemical company announced profit targets worth billions during its capital market day. At the same time, however, he wants to drive his earnings growth with investments worth billions in more environmentally friendly technologies in the coming years.

The paper from the alcohol manufacturer Constellation Brands
fluctuated on the Nyse between gains and losses and recently fell by 0.7 percent. The group disappointed with its second fiscal quarter, but raised its target for earnings per share for 2021/22.

Otherwise moving reclassifications. Goldman Sachs was negative on American Airlines shares
and Jetblue Airways and now advises to sell. The papers lost around four percent each. US Steel , also downgraded to “Sell” by Goldman, fell 7.5 percent./ck/he

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0372 2021-10-06/20:15

Copyright dpa-AFX Wirtschaftsnachrichten GmbH. All rights reserved. Redistribution, republication or permanent storage without the express prior consent of dpa-AFX is not permitted.

– .