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NEW YORK (dpa-AFX) – The ongoing war in Ukraine kept the US stock markets in a stranglehold on Tuesday. Despite new Western sanctions, Russia intensified its attacks on its neighbor. Rising energy prices also fueled inflation concerns, especially as the US government says sanctions against Russia’s energy sector are still possible.
Der Dow Jones Industrial closed down 1.76 percent at 33,294.95 points. The market-wide S&P 500
fell 1.55 percent to 4306.26 points. The tech-heavy select index Nasdaq 100 fell by 1.63 percent to 14,005.99 points.
With oil prices continuing to rise, shares in oil companies remained in demand. That’s how Chevron’s shares rose
at the top of the Dow by 4.0 percent. The company had also raised the target range for its annual share buyback target. The shares of ConocoPhillips
up 2.2 percent, those of ExxonMobil
increased by 1.0 percent.
For the video conferencing service Zoom the time of explosive growth in the Corona crisis is over, as the latest business figures show. With the waning tailwind from the corona pandemic, growth rates for the video conferencing service also normalized, wrote analyst Kash Rangan from the investment bank Goldman Sachs . The Zoom titles lost 7.4 percent.
Target stock shot up nearly 10 percent. The retail chain’s figures for the fourth quarter exceeded analyst estimates.
Foot Locker stock lost 7.6 percent. The Swiss bank Credit Suisse downgraded the stock of the sporting goods retailer from “Outperform” to “Neutral” in view of the changed sales strategy of the important trading partner Nike and lowered the price target sharply from 70 to 30 dollars. Nike’s exit brings with it a lot of uncertainty, even at Foot Locker’s low valuation, analyst Michael Binetti wrote.
The euro rate temporarily fell below the $1.11 mark in US trading and thus to the level since May 2020. Most recently, the common currency was quoted at $1.1127. The European Central Bank had set the reference rate at 1.1162 (Monday: 1.1199) dollars. The dollar had thus cost 0.8959 (0.8929) euros.
Investments that are perceived as safe, such as US government bonds, were also in high demand on Tuesday due to the war in Ukraine. The futures contract for ten-year Treasuries (T-Note Future) recently rose by 0.82 percent to 128.50 points. In return, the yield on ten-year government bonds fell to 1.73 percent./edh/he
ISIN US2605661048 US6311011026 US78378X1072
AXC0508 2022-03-01/22:38
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