NEW YORK (dpa-AFX) – After the sell-off on the New York stock market in the middle of the week, prices are still under pressure on Thursday. Concerns that the strong price increases and rising interest rates will increasingly burden companies seem to be gaining ground in the market. Economic data released on Thursday fit into this picture. The business climate in the Philadelphia region clouded over surprisingly significantly in May. In addition, home sales in April fell more than expected.
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The Dow Jones Industrial fell to its lowest level since March 2021 on Thursday. Just under two hours before the market closed, the leading index lost 0.66 percent to 31,282 points. The market-wide S&P 500 fell by 0.43 percent to 3907 points.
The technology-heavy Nasdaq 100 tried to stabilize after losing a good five percent the previous day, but with a recent minus 0.15 percent to 11,910 points, it found it difficult. The lowest level since November 2020, reached the previous week, is not too far away.
New bad news for the technology sector came from network equipment supplier Cisco, which significantly cut its annual sales targets after a weak quarter due to ongoing supply chain problems and corona lockdowns in China. Cisco shares fell to their lowest level since November 2020, most recently down 14 percent.
The bad news also continued in the punished retail sector. So now Kohl’s has also scaled back its profit expectations. Already swept down by the downward pull in the industry the day before at minus eleven percent, the papers have now recovered somewhat with an increase of almost four percent.
At the sporting goods manufacturer Under Armor, the boss resigns after a weak quarter. The shares lost nearly 14 percent. Harley-Davidson stocks were also very weak, falling by more than nine percent. The motorcycle manufacturer stops deliveries for two weeks. The reason was concerns about good corporate governance at a supplier, it said./ajx/he
Source: dpa-AFX
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