NEW YORK (awp international) – The US stock exchanges have slightly increased their losses from the previous day. The leading index Dow Jones Industrial fell on Thursday by 0.42 percent to 32,771.74 points. The market-wide S&P 500 fell 0.66 percent to 4088.71 points. The tech-heavy Nasdaq 100 fell 0.78 percent to 12,516.31 points.
The most recent decisions and statements by the European Central Bank (ECB) proved to be a slight burden. The high inflation is causing the central bankers in the euro zone to take countermeasures: the end of net bond purchases has been decided on July 1, and next month there will be a first interest rate hike in eleven years. Another rate hike could follow in September.
However, the fact that the monetary watchdogs also raised their inflation forecasts sharply caught investors “on the wrong foot,” commented Thomas Altmann from asset manager QC Partners. “Very few expected such a significant upward adjustment.” This has already weighed on prices on Europe’s stock exchanges and, according to Altmann, caused a “sell-off” on the bond markets, where yields rose in return.
In the case of US individual stocks, Tesla papers were in focus on Thursday. The share certificates of the electric car manufacturer rose by one and a half percent among the biggest winners in the Nasdaq 100 and thus benefited from a recommendation from the bank UBS. Analyst Patrick Hummel sees a good entry opportunity for investors after the price setback. Tesla shares have lost around a third this year. Now it is “time to be more willing to take risks,” the industry expert encouraged investors. Figures provided by the Chinese association PCA also showed that Tesla production in the country almost tripled in May compared to the previous month.
After the course fireworks the day before, the papers of the Chinese Internet trading giant Alibaba fell by around six percent. Here the hopes of an early IPO for the Alibaba holding Ant Group evaporated as quickly as they had come. This was preceded by reports that the Chinese financial regulators could give up their blocking stance. But it was followed by a denial from China’s stock exchange regulator. The day before, Alibaba shares on the Nasdaq technology exchange had gained almost 15 percent in the hope that Beijing’s regulatory stranglehold could loosen.
Shares of other Chinese tech companies listed in New York also suffered from the prospect of continued regulatory pressure and slumped. Among the weakest stocks on the Nasdaq 100, JD.com fell 6.6 percent and Pinduoduo 10.3 percent.
At the top of the index, shares in NXP Semiconductors soared by a good six percent. According to an Asian tech blog, the technology group Samsung is planning to take over the Dutch chip manufacturer. Samsung wants to benefit from the strong growth in the market for semiconductors for the automotive industry, it said./la/he
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