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NEW YORK (dpa-AFX) – The tense situation on the oil market weighed on the US stock exchanges on Monday. The Dow Jones Industrial Wall Street Index after an initially stable start to trading, it fell noticeably and at times fell below 34,000 points.
According to experts, the major world exchanges are still in the grip of supply chain problems in central industries, rising energy prices and high inflation. The fact that the oil production group Opec + does not want to increase its daily production more than planned in November against this background and despite the shortage on the world market deterred investors. Because that means the situation on the oil market remains tense. Oil prices, which promptly rose sharply, are now likely to rise further and further fuel inflation.
The Dow finished trading down 0.94 percent to 34,002.92 points. The S&P 500 lost 1.30 percent to 4,300.46 points after briefly falling to its lowest level since mid-July. For the tech-heavy Nasdaq 100
it fell to its lowest level since the end of June, before saying goodbye at a discount of 2.16 percent to 14,472.12 points.
The slightly better than expected order entry data from the US industrial sector for the month of August, which was published shortly after the start of trading, did not offer any support. Investors currently prefer to stay on the sidelines, it said.
Among the individual values in the Dow were the shares of the credit card company Visa At the bottom with minus 2.5 percent, while the shares of Merck & Co at the top of the index rose by 2.1 percent. They continued to benefit from the latest statements from the pharmaceutical company that it is about to breakthrough with a Covid-19 drug.
The Israeli biotech company Redhill Biopharma
has meanwhile also announced promising news about the effectiveness of its own oral drug for severe Covid-19 courses. The paper gained 11.7 percent on the Nasdaq. For Biontech , Modern and Curevac the latest price slide therefore continued. The papers of the three vaccine manufacturers lost between 2.3 and 7.0 percent.
The Facebook share dropped 4.9 percent, making it one of the weakest Nasdaq 100 stocks. A former employee of the online network, who initially delivered some reports of disclosure to the media as a whistleblower, now also identified herself by name. Among other things, she denounces the fact that Facebook puts its pursuit of profit above the welfare of young user groups. In addition, there was an unusually large outage at the beginning of the week, because several of the company’s services were no longer available. It is being worked on the interference suppression, it said on Facebook. The causes of the problems have not yet been named.
The shares of Tesla however, with plus 0.8 percent, they were among the few stocks in demand on the Nasdaq. While the automotive industry is groaning under global chip bottlenecks, the electric car manufacturer impressed with a delivery record in the third quarter and thus also exceeded market expectations. Goldman analyst Mark Delaney now expects further improvements in the final quarter.
General Motors rose in the S&P 100 by 1.6 percent and benefited from a circular from the Bloomberg news agency about the robot car subsidiary Cruise. According to insiders, the startup sees opportunities to generate $ 50 billion in revenue from its driverless taxi business in the next few years. Cruise CEO Dan Ammann is likely to announce shortly that the company expects revenue from 2022 and – provided the California Public Utilities Commission gives its okay – will expand the business from 2023.
The Euro held above $ 1.16 and closed on Wall Street at $ 1.1621. The European Central Bank set the reference rate at the start of the week at 1.1636 (Friday: 1.1600) dollars. The dollar cost 0.85940 (0.8620) euros. On the US bond market, the futures contract for ten-year Treasuries (T-Note Future) recently fell 0.12 percent to 132.02 points. In return, the yield on the ten-year government bond rose to 1.482 percent./ck/he
— By Claudia Müller, dpa-AFX —
ISIN US2605661048 US6311011026 US78378X1072
AXC0329 2021-10-04/22:25
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