Equities New York outlook: Oil price hike getting in the way of price recovery | news

NEW YORK (dpa-AFX) – After a weak trading day in Europe so far, the recovery on the US stock markets is also threatening to lose momentum on Tuesday. After there had been no trading on Wall Street at the beginning of the week due to the holiday, the oil prices, which have meanwhile risen sharply, could spoil the newly ignited desire to buy for the Brsians. Because that means that fears of inflation and recession will come up again a little more.

The broker IG assessed the Dow around three quarters of an hour before the start with a good 0.8 percent minus at 32950 points. The tech-heavy NASDAQ 100 fell 0.57 percent to 12,609 points.

Hopes for a positive exchange rate balance for the otherwise rather weak stock market month of May could thus be dashed after all. The leading US index only achieved the largest weekly increase since 2020 last week. Bargain hunters grabbed it again and used the supposedly cheaper prices after the slide from the end of April to mid-May to get started. Signals from the US Federal Reserve, which investors see as evidence of only a gradual tightening of the USmonetary policy had scored.

But there are also controversial opinions in the Fed: At the beginning of the week, Fed Governor Christopher Waller spoke out in favor of larger interest rate hikes, which once again fueled the concerns of many Brsians. The US Federal Reserve’s interest rate policy is now likely to be in the limelight as trading continues on Tuesday when Fed Chairman Jerome Powell meets US President Joe Biden.

In addition to some economic data on the agenda, such as US consumer confidence, investors in the industry are likely to be keeping an eye on oil stocks because of the price increase. The shares of industry member Chevron, which have already gone well, rose in price, as did those of competitor ConocoPhillips, by around one percent before the market. Marathon Oil was up more than 3 percent.

Oil prices recently rose sharply after the European Union (EU) decided on a partial oil embargo against Russia. To this end, Russian oil deliveries are to be prevented by sea.

A strong start of the cinema film “Top Gun – Maverick” meanwhile boosted the shares of the cinema operator AMC (AMC Entertainment A) Entertainments – here the pre-market price increase of more than eleven and a half percent was booked. Numerous Chinese companies listed on Wall Street, such as Alibaba and Baidu, also posted high price gains. They benefited from the easing of the corona lockdowns in China and improving Chinese economic data with an increase of up to six percent.

After the trading day, investors on Wall Street also have a few quarterly reports to digest, including from the US software manufacturer Salesforce and the computer veteran HP Inc (HP) (HP)./tav/mis

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