Börse Express – New York Stocks: Sluggish recovery after a weak start to the week

NEW YORK (dpa-AFX) – The US stock markets struggled with a recovery from the previous day’s losses on Tuesday. The leading index Dow Jones Industrial initially rose by around one percent before losing momentum and slipping slightly into the red. Most recently, the stock market barometer was again 0.13 percent up at 34 013.90 points.

At the beginning of the week, the Dow had lost around 1.8 percent. In particular, investors’ fear of the troubled Chinese real estate sector had sent prices down around the world.

The market-wide S&P 500 was minimal on Tuesday at 4361.43 points. On the technology-heavy Nasdaq stock exchange, the Nasdaq moved up to 100 by 0.16 percent to 15 036.73 points.

Fresh US economic data was a rather positive surprise. The chronic deficit in the US current account rose less strongly than analysts expected in the second quarter compared to the previous quarter. In the construction industry, the number of newly started residential construction also increased more than expected, and the number of building permits increased unexpectedly and significantly.

Meanwhile, investors are already turning their attention to the Fed’s interest rate decision on Wednesday. Economist Christian Scherrmann from the fund company DWS does not expect any significant changes. The recent moderate recovery in the labor market and the uncertainty surrounding the delta variant of the coronavirus reduced the pressure to prematurely adjust the very loose monetary policy to support the economy.

Among the individual values, all companies from the second row were a topic of conversation. That’s how Uber’s shares soared
by a good twelve percent. More than a decade after it was founded, the driving service broker has the prospect of its first operating profit – at least after deducting various costs. The company burned billions on its global expansion with the promise of later profits.

In the meantime, a transatlantic takeover with a double-digit billion volume is looming among the providers of games of chance and sports betting. The Draftkings Group wants the British competitor Entain (formerly GVC) to buy. The advertised group, which also includes the sports betting provider bwin, which is well-known in Germany, confirmed the receipt of a corresponding offer.

While Draftkings’ shares lost more than 5 percent, Entain’s shares in London soared by around 18 percent by the end of trading. Analyst James Wheatcroft from the investment bank Jefferies thinks it is possible that a bidding race will start for the gambling group. He pointed out that the casino operator MGM had previously made a bid and that they had now amassed more money ./la/jha/

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0272 2021-09-21/19:58

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