NEW YORK (dpa-AFX) – For fear of too high valuations of high-growth technology stocks, the indices on the New York Nasdaq stock exchange lost out on Monday. The NASDAQ 100 dropped by 1.56 percent to 13,368.58 points just under two hours before the market closed.
The leading index Dow Jones Industrial (Dow Jones 30 Industrial) did far better, surpassing its record high on Friday. Most recently it was 0.43 percent higher to 31,628.71 points. The market-wide S&P 500, however, fell 0.18 percent to 3899.51 points. Fears of rising bond yields and concerns about rising inflation were offset by optimism about the corona vaccination program.
?? In a deflationary environment, as we are experiencing accelerated through the Corona crisis, investors have found a safe haven, especially in technology stocks, ?? explained analyst Jochen Stanzl from broker CMC Markets. But when inflation expectations and interest rates suddenly rise, they are consequently fleeing the stocks that have done the best. So now a wave of profit-taking in this sector is rolling across the globe.
In the Dow, Chevron won nearly four percent among the top scores. Oil prices rose again on Monday. The commodities experts at the US investment bank Goldman Sachs also expect a further sharp rise in oil prices in the coming months.
Top value in the Dow was Walt Disney, which reached a record high and recently gained almost five and a half percent. Tech stocks such as Microsoft, Intel and Apple were particularly weak, with discounts of up to three percent in some cases.
The aircraft manufacturer Boeing was in the spotlight with negative headlines, but less with a noticeable price movement. After the engine failure of a Boeing 777 near Denver, the US Federal Aviation Administration ordered inspections for machines of this type which are equipped with certain engines from Pratt & Whitney. The Japanese aviation authorities have already issued a flight ban. The Boeing papers fluctuated between plus and minus and recently gave way. The shares of Raytheon Technologies, the parent company of Pratt & Whitney, lost half a percent.
The US tire manufacturer Goodyear (Goodyear TireRubber) wants to strengthen itself with the billion-dollar takeover of competitor Cooper (Cooper TireRubber). Cooper shareholders will receive $ 41.75 in cash and 0.907 shares of Goodyear per share. Cooper stock shot up 30 percent to nearly $ 57. Goodyear gained around 20 percent.
The corona pandemic broke huge losses for the cruise company Royal Caribbean (Royal Caribbean Cruises) last year, but there is increasing confidence that the crisis will end. The number of new bookings has already risen sharply since the beginning of the year, and a lot of demand has evidently built up during the pandemic, the management said. The shares gained twelve percent./ajx/he
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