NEW YORK (awp international) – On the US stock market, technology stocks started the new week with significant gains. Record delivery figures from the electric car manufacturer Tesla and the entry of Tesla boss Elon Musk into the short message service Twitter provided a boost on Monday. In addition, shares in Chinese tech companies listed in New York benefited from hopes of progress in a regulatory dispute.
The tech-heavy Nasdaq 100 rose 2.01 percent to 15,159.58 points. In view of the ongoing war in Ukraine, however, the standard value indices increased only comparatively moderately. The Dow Jones Industrial rose 0.30 percent to 34,921.88 points. The broader S&P 500 was up 0.81 percent to 4582.64 points.
Stockbrokers referred to reports from the weekend about alleged atrocities by Russian soldiers against Ukrainian civilians in Bucha and a threat of tightening of sanctions against Russia by Western countries. The news from Bucha dampened hopes of an early breakthrough in negotiations between Russian and Ukrainian negotiators.
Musk became the company’s largest shareholder when he joined Twitter. The tech billionaire holds a 9.2 percent stake. Musk is one of the best-known Twitter users with over 80 million subscribers. Twitter shares soared more than 27 percent. It was the largest one-day percentage gain since its IPO in 2013.
Despite the global supply chain problems, Tesla had again set a record for its deliveries in the first quarter. The electric car manufacturer delivered 310,048 vehicles to customers in the first three months of the year. That was almost 1,500 more than in the previous quarter, when 308,600 vehicles were delivered. The Tesla papers rose by 5.6 percent.
In the dispute between China and the USA about the balance sheet review of Chinese companies with a secondary listing in the USA, there are signs of relaxation. For example, a rule was dropped that so far does not allow inspections by foreign supervisors, as announced by the Chinese stock exchange regulator CSRC.
Accordingly, shares of affected companies listed on the US technology exchange jumped, in some cases significantly. At the top of the Nasdaq 100, for example, shares in the e-commerce platform Pinduoduo gained 15.6 percent. The papers of the search engine operator Baidu recorded an increase of 9.1 percent.
As a clear tail light in the Nasdaq 100, Starbucks shares fell by 3.7 percent. The coffeehouse chain had suspended its share buyback program. The company said it intends to invest a larger proportion of its profits in its employees and branches.
The euro closed at $1.0972 on Wall Street. The European Central Bank had set the reference rate at 1.1005 (Friday: 1.1052) dollars. The dollar thus cost 0.9087 (0.9048) euros. The economic mood in the euro zone deteriorated sharply again in April as a result of the Ukraine war, as shown by the unexpectedly significant decline in the economic indicator compiled by the consulting firm Sentix.
On the US bond market, US government bonds suffered somewhat from the upbeat mood on the stock market. The futures contract for trend-setting ten-year Treasuries (T-Note future) fell 0.12 percent to 122.09 points. The yield on ten-year government bonds rose to 2.41 percent./la/he
— By Lutz Alexander, dpa-AFX —
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