NEW YORK (dpa-AFX) – Weak Chinese economic data and a gloomy corporate mood in the euro zone also had a moderate impact on the US stock exchanges on Tuesday. On the other hand, rather weak order data from domestic industry had no discernible impact on share prices.
After the long holiday weekend, the leading index Dow Jones Industrial (Dow Jones 30 Industrial) lost 0.15 percent to 34,785.35 points. The market-wide S&P 500 fell by 0.29 percent to 4502.55 points. The technology-heavy selection index NASDAQ 100 fell by 0.17 percent to 15,465.01 points.
In China, service sector data from business magazine Caixin disappointed in August. The development suggests that the domestic economy will remain weak. Market expert Stephen Innes from the asset manager SPI Asset Management therefore stated that there were still no signs that the government’s economic support measures would give the economy a boost. In the euro zone, corporate sentiment, as determined by the S&P Global Purchasing Managers’ Index, deteriorated further in the past month. It is now as bad as it was last at the end of 2020 during the corona pandemic.
Among US stocks, Oracle’s shares rose 1.4 percent thanks to an upgrade to “overweight” by British investment bank Barclays. He expects a growth story that will probably last for many years, wrote analyst Raimo Lenschow about the software group.
The stocks of the investment company Blackstone and the online marketplace for renting and booking accommodation Airbnb gained 3.2 and 7.6 percent respectively. They will be included in the S&P 500 after the September 18 grand expiration date.
Manchester United (Manchester United), on the other hand, fell by 18.6 percent. There is more speculation here about the takeover of the English football record champions. The current owners, the US family Glazer, announced in 2022 that they were considering selling the club.
Nvidia (NVIDIA) tumbled another 0.2 percent after Friday’s losses. The record high of 502.66 US dollars reached almost two weeks ago would still remain within reach. Goldman Sachs capital markets strategists include the chipmaker’s stock on a list of 11 stocks they describe as beneficiaries of the AI revolution. The valuations of AI stocks are high, but not yet overly high, it said.
Lululemon (Lululemon Athletica) was down 0.7 percent despite an upgrade by US analyst firm Bernstein Research. Apparently, some investors took profits after the yoga apparel maker’s shares hit their highest level since April 2022 on Friday
2023-09-05 14:49:38
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