NEW YORK (dpa-AFX) – The Dow Jones Industrial stabilized on Monday after its recent losses. Concerns about rising interest rates in the USA had caused a dreary start to the second half of the year with a weekly loss of around two percent in the New York leading index.
The Dow rose 0.62 percent to 33,944.40 points. The market-wide S&P 500 went up 0.24 percent to 4409.53 points. The technology-heavy selection index Nasdaq 100 rose by 0.06 percent to 15,045.64 points.
Future interest rates remain the dominant topic this week. On Monday, Fed officials signaled that key interest rates should rise further in 2023 in order to bring inflation closer to the target of two percent. The market is currently puzzling over the number of rate hikes and whether there could be more than feared.
While most of the data so far has indicated that the US economy is holding up reasonably well, wrote Michael Hewson of trading house CMC Markets UK. However, there are now fears “that central banks are on the brink of making a serious policy mistake when it comes to their determination to lower inflation.”
After mixed signals have recently come from the labor market, with a setback in job creation but at the same time further rising wages, special attention is now being paid to the inflation data on Wednesday. The forthcoming reporting season could then show how far the rising interest rates have affected corporate profits in the USA.
On Friday, the big round of figures will be unofficially heralded with the first reports from the major banks JPMorgan, Citigroup and Wells Fargo. While JPMorgan’s shares rose 0.6 percent, those of Citigroup fell slightly. Wells Fargo shares lost more than 1 percent.
Large tech stocks tended to be avoided on Monday. Apple, Microsoft and Alphabet lost between 1.1 and 2.7 percent. Amazon’s shares fell 2 percent. On Tuesday and Wednesday, the online mail order company offers discounts on many products on what is known as Prime Day.
Among the individual values in the back rows, Icahn Enterprises stood out with a price increase of a good 20 percent. Two months after the attack by short seller Hindenburg, a report by the Wall Street Journal provided some relief. According to this, billionaire Carl Icahn can decouple his personal loans from his company’s share price, which has fallen by more than 40 percent since the attack, after an agreement with creditor banks. Icahn faced a margin call because he had borrowed billions and pledged stock in Icahn Enterprises as collateral.
Nanobiotix papers rose by 24.5 percent. The French biotech company specializing in cancer, which is also listed on the Nasdaq, had closed a lucrative licensing deal for an active ingredient with a Johnson & Johnson subsidiary. This could bring the company up to 60 million US dollars, which caused the market to fantasize. Johnson & Johnson shares rose moderately.
The euro exchange rate increased. Most recently, the common currency cost close to the daily high of 1.1000 US dollars. The European Central Bank had set the reference rate at 1.0956 (Friday: 1.0888) dollars. The dollar thus cost 0.9127 (0.9184) euros.
The futures contract for ten-year bonds (T-Note Future) recently rose by 0.42 percent to 111.14 points. In return, the yield on ten-year Treasuries fell to 4 percent./la/he
— By Lutz Alexander, dpa-AFX —
2023-07-10 20:42:06
#ROUNDUPAktien #York #Conclusion #Dow #dreary #previous #week
