New York Equities Outlook: Unexpectedly weak job data pushes tech stocks up

The broker IG valued the leading index Dow Jones Industrial three quarters of an hour before the start, 0.13 percent lower to 34 504 points, after it was expected to be significantly higher and well above its previous record high before the publication of the job data. For the technology-heavy Nasdaq 100, however, IG calculated an opening of plus 1.5 percent to 13,814 points.

“This job report could postpone the interest rate turnaround,” said market observer Thomas Altmann from asset manager QC Partners. The recovery on the labor market practically came to a standstill in April, the great hoped-for spring movement failed to materialize.

The prospect of an economic improvement had previously caused the copper price to rise to a record high on Friday. The supply can hardly keep up with the rapidly increasing demand, especially from China. Against this background, the papers of the copper and gold producer Freeport-McMoRan initially continued to boom in the pre-trading phase, but in the end only increased by 0.6 percent.

Beyond Meat’s first quarter sales missed analysts’ expectations. Restaurants and stadiums were closed because of the pandemic, which put a strain on the meat substitute producer. The shares went down by more than eight percent in the pre-trading session.

The up-and-coming fitness equipment supplier Peloton is expecting manageable financial consequences from the widespread recall of its treadmills. In the current quarter, sales will decrease by a total of 165 million dollars, according to CFO Jill Woodworth. This breathed new life into the shares again: They rose by a good five percent in the pre-trading period.

The papers of the German vaccine manufacturers Biontech and Curevac, which were traded in New York, benefted from the German government’s stance against a patent release for Covid-19 vaccines. Biontech’s depository receipts jumped up by more than six percent in the pre-trading session, and Curevac even gained a good nine percent. In the fight to contain the pandemic worldwide, the US government had pleaded for the suspension of patents for the corona vaccines, as a result of which the papers of vaccine producers had suffered severely.

The loss of the US electric truck manufacturer Nikola was lower than expected in the first quarter, the papers then gained almost five percent in pre-market trading.

According to figures from rival Adidas, Nike rose by a good one percent before the market. The German sporting goods manufacturer recorded strong growth in the first quarter. The driving force was the important Chinese market. Adidas was also a bit more optimistic about the development of revenues in the current year./ajx/fba

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