New York equities outlook: Dow expected to be stable – tech stocks continue to slide

NEW YORK (dpa-AFX) – The US stock markets are likely to continue their inconsistent trend from the beginning of the week on Tuesday. The default values ​​on Wall Street should continue to be stable. By contrast, the technology stocks that have recently performed well above average are likely to lead to further profit-taking on a larger scale.

The broker IG estimated the Dow Jones Industrial three quarters of an hour before trading opened, hardly changed at 31,524 points. The indication for the Nasdaq 100 index is around minus 1.6 percent.

Among the individual stocks, the stocks of Home Depot could be the focus of investors. In pre-market trading, the papers fell recently by 2.3 percent despite good quarterly figures from the DIY chain.

Tesla shares followed their massive previous day’s loss of 8.6 percent and lost a further 5.7 percent. Since the record high of January 25, the price drops in the titles of the electric car manufacturer have already totaled around a quarter. The stock exchange traders justified the price decline on Monday with taking profits in technology stocks.

The department store chain Macy’s Inc. had to accept a profit slump of 53 percent in the fourth quarter due to the corona pandemic. Net sales for the quarter fell by almost 19 percent. Nevertheless, both indicators exceeded the average expectations of the analysts. Before the IPO, the shares rose by 1.8 percent./edh/fba

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