At the weekend, after months of wrangling, the US Congress had decided on one of President Joe Biden’s core domestic political projects. A few weeks after the Senate, the House of Representatives also passed a major investment program aimed at modernizing the country’s infrastructure.
Important economic data were nil on Monday. Only on Tuesday will US producer prices return to data that should be taken into account in view of the ongoing inflation worries. US consumer prices will follow on Wednesday.
On the corporate side, the focus was on the electric car maker Tesla, whose shares lost 4.8 percent. Company boss Elon Musk let Twitter users vote whether he should sell a tenth of his Tesla shares in order to pay more taxes. The survey gave a “yes”. With a closing price of just under $ 1,163, the package is worth around $ 20 billion. Musk did not provide any information on how quickly he would reject the package. Long-term schedules are often set for stock sales by top managers. Just last week, the Tesla papers hit a record high of $ 1,243.
Papers from the building materials sector gained as beneficiaries of the Biden infrastructure program. Vulcan Materials posted an increase of around five percent. In the Dow, Caterpillar were ahead with plus 4.1 percent. At the back of the leading index, the shares of the sporting goods company Nike paid tribute to their latest record rally with minus 3.2 percent.
An order for Advanced Micro Devices (AMD) from Meta to supply server processors to the company, which was recently known as Facebook, caused AMD’s paper to jump a good ten percent.
Peloton’s shares lost another 7.9 percent. They fell by a third on Friday after the fitness equipment manufacturer cut its sales forecast for the current fiscal year by up to a billion dollars. The corona boom for peloton seems to be over for good.
The euro gained. In New York trading, the common currency last cost 1.1591 US dollars. The European Central Bank (ECB) had set the reference rate at 1.1579 (Friday: 1.1519) dollars, the dollar cost 0.8636 (0.8681) euros.
US Treasuries posted significant price losses. The futures contract for ten-year Treasuries (T-Note-Future) fell 0.39 percent to 131.31 points. The yield on ten-year government bonds rose to 1.497 percent./ajx/he
— By Achim Jüngling, dpa-AFX —
(AWP)
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