Equities New York Outlook: Little moved by labor market data

NEW YORK (dpa-AFX) – On Wednesday, the New York stock market looks like a little changed trading start. The Dow Jones Industrial was estimated by broker IG about an hour before the opening, just 0.04 percent in the red to 34,275 points. The day before, early gains had fizzled out, most recently the leading index was capped at around 34,500 points at the latest.

The Dow is a long way off from records such as those on the Nasdaq stock exchange, because in May it briefly topped the 35,000 mark at its previous peak. The technology-heavy Nasdaq 100, on the other hand, could relatively easily reach a record high on Wednesday – the current one is from the previous evening. Most recently, however, it was also estimated to be just under minus

According to traders, the corona infection numbers, which are rising again in some places, dampened the confidence that has recently grown in a recovery in the global economy. According to the World Health Organization (WHO), the number of reported corona infections worldwide rose slightly last week for the first time since mid-April. The numbers from Africa are particularly worrying.

A few days before the official labor market report on Friday, the report by the private service provider ADP painted a rather mixed picture in this context. Accordingly, job creation in the private sector has weakened significantly, but not as much as analysts feared. Instead of an increase of 692,000 employees, the experts had assumed an average of only 600,000.

Stocks of oil companies might be worth a look again because of the current price development on the oil market. The focus there was on the foreboding of a meeting of the Opec cartel, at which difficult talks were emerging. The price of a barrel of the US WTI variety rose, followed by shares in oil companies such as ExxonMobil and Chevron with gains of up to 0.7 percent.

There were figures on Wednesday, among other things, from the home supply retailer Bed Bath & Beyond, which was able to come up with a raised sales outlook. This did not help the share before the trading session, however, as it was recently down half a percent. In the market, this was attributed to the fact that the adjusted profit in the past fiscal quarter fell short of expectations./tih/mis

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