NEW YORK (dpa-AFX) – New York’s Wall Street will probably record losses for the third day in a row on Thursday at the start of trading. In addition, the technology-heavy Nasdaq stock exchanges, which have rushed from record to record despite the harsh US economic slowdown, are likely to start weakly. The gloomy outlook of the US Federal Reserve (Fed) on the previous day together with the disappointment about the lack of further monetary policy measures have sobered investors. In addition, new infection figures are unsettling, including figures from Florida and Texas.
The broker IG estimated the US leading index around three quarters of an hour before the start of trading, 3.3 percent lower to 26,100 points. On Wednesday, the Dow had lost around one percent, as on the previous day, while the NASDAQ 100 had marked an all-time high for the fourth trading day in a row. This was not least thanks to the record hunt by tech giants such as Apple, Microsoft and Amazon.
Now what has recently been largely “inexplicable optimism” for market analysts as a result of the reopening of the economies after the lockdown due to the coronavirus pandemic has been severely dampened. Market watcher Timo Emden commented, for example, that investors should get back to the ground. The consolidation that has recently begun should continue to gain momentum given the Fed’s dire outlook for the world’s largest economy.
In addition, there was further cloudy data from the labor market on that day: The corona pandemic is still leaving its mark. In the week ending June 6, 1.5 million people submitted an initial application for unemployment benefits. Compared to the previous week, however, the number fell by 355,000 applications.
Among the individual stocks, the oil stocks ExxonMobil and Chevron lost between 4.5 and 6 percent in the Dow. In view of the economic situation and the further development outlined by the Fed, oil prices have fallen again since the previous day and had already weighed on both stocks by then.
The paper of the second-largest US automaker Ford (Ford Motor) (Ford Motor) sagged by 10 percent. In America he calls numerous vehicles back to the workshops because of possible defects in the door lock. A total of around 2.15 million wagons are affected.
Amazon (Amazon) fell 2.3 percent. According to a report in the “Wall Street Journal”, the EU competition watchdogs are now planning official antitrust proceedings against the online retailer, which could be initiated in the coming week, after long investigations. As the newspaper reports, citing people familiar with the matter, it is about the suspicion of illegal business practices in dealing with traders on the platform. About a year ago, the EU Commission launched an official investigation against the US online retailer.
The focus is also on a takeover: A transatlantic heavyweight will soon emerge in the food delivery business. The British-Dutch company Just Eat Takeaway.com (Just Eat Takeawaycom) is taking over US rival Grubhub completely. At the same time, the driving service broker Uber, who was previously also considered a possible buyer of Grubhub, is left behind. According to the companies, the merger will create the largest food delivery company outside of China. The transaction is expected to close in the first quarter of 2021. Before the trading day, Grubhub shares jumped around 7 percent, while Uber fell 7 percent.
The Biotech-Group Regeneron is meanwhile looking to start a clinical study to combat Covid-19. Before the start of trading, the Nasdaq 100 share went up 1.7 percent./ck/mis
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