NEW YORK (dpa-AFX) – Inflation and corona worries will again likely cause heavy losses on the US stock exchanges on Monday. A market observer said that investor sentiment has clouded over in view of the spread of the delta variant of the corona virus in numerous countries around the world. In addition, they are unsure about the impact of inflation on the economic outlook. This was already noticeable on the stock markets in Asia and also affected the European stock exchanges.
Around an hour before the start of trading on Wall Street, the broker IG estimated the Dow Jones Industrial 1.5 percent in the red to 34 165 points. The record high of just under 35,092 points reached in May is now a little more distant. The technology-heavy Nasdaq stock exchange is also making a weak start. IG assessed the Nasdaq 100 index with 1.1 percent in the red to 14,525 points. The selection index only reached a record level last week.
At the start of the week, things are initially relatively calm on the company side. The IT veteran IBM will announce its quarterly figures after hours. Before the start of trading this Monday, the shares lost around 1 percent. The focus was most recently on the papers at the beginning of the month. It was surprisingly announced that cloud manager Jim Whitehurst – formerly head of the software provider Red Hat, which was taken over by IBM – is giving up his position in the top management of the group and will only be available in an advisory capacity. Analysts had given Whitehurst an important role in the necessary renovation of the computer dinosaur.
With a takeover plan, however, the video conferencing service Zoom already moved into the focus of investors before the market. Zoom wants to take over the US company Five9, a cloud software provider for customer communication, for 14.7 billion US dollars (around 12.5 billion euros) and thus position itself more broadly. The purchase is to be financed with own shares. The Five9 management is behind the deal, which – if realized – would be the largest in the history of Zoom. Before the trading session, Zoom Video’s shares lost a little more than 2 percent, while Five9 rose by almost 8 percent.
Companies such as Chevron, ExxonMobil and ConocoPhillips were noticeably burdened before the trading session after it became known that the oil cartel Opec and its partner countries (Opec +) agreed on a significant increase in oil production over the weekend in light of the global economic recovery. As a result, the recent sharp rise in oil prices came under pressure./ck/mis
Source: dpa-AFX
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