The US stock exchanges lost momentum on the first day of trading in June after a strong start. The Dow Jones Industrial (Dow Jones 30 Industrial) put down after the long …
NEW YORK (dpa-AFX) – The US stock exchanges lost momentum on the first trading day in June after a strong start. The Dow Jones Industrial (Dow Jones 30 Industrial) only gained almost one percent after the long weekend, but the joy of the significant price gains did not last long. The leading index crossed the finish line only slightly with 0.13 percent plus at 34 575.31 points.
The Wall Street barometer did a little better than the other New York indices, which had just slipped into the red. The market-wide S&P 500 lost 0.05 percent to 4202.04 meters. The NASDAQ 100 selection index, which is characterized by technology stocks, fell 0.23 percent to 13,654.59 points.
At the beginning of the market it was said that in view of the ongoing corona vaccination campaign and the associated easing, investors apparently continued to trust in a significant economic recovery. A brighter sentiment in US industry later underscored this optimism, but then quickly reminded investors of their concerns that the US Federal Reserve, the Fed, has been loosening up so far Monetary policy could be forced to take countermeasures.
Sentiment in US industry, as measured by the ISM index, brightened somewhat more than expected in May. According to NordLB, the rise in the purchasing managers’ index to 61.2 points will help ensure that “the explosive topic of inflation in the USA will remain with us in the summer”. Concerns about inflation and the associated pressure on the central bank have long been seen as a brake on the share rally.
A pillar for the Dow was the 2.8 percent higher shares of the oil company Chevron, which gave a strong boost in the oil price tailwind. This was followed by other industry values such as ExxonMobil or ConocoPhillips by 3.6 and 4.5 percent respectively. On the oil market, speculation about stronger demand after the corona crisis subsided came to the fore.
In the midst of the good economic signals, Boeing, a classic industrial stock, rose to the front in the Dow, whose shares posted a high since mid-April with a gain of 3.1 percent. There were also clear price gains in the banking sector with 2.8 percent at Goldman Sachs and 1.1 percent at JPMorgan (JPMorgan ChaseCo).
The shares of the cloud specialist Cloudera shot up thanks to a takeover offer by almost 24 percent at a price close to the offer. Affiliates KKR and Clayton Dubilier & Rice are bidding $ 16 per share. After the takeover, they want to take the company off the stock exchange.
Optimism in terms of falling new infections and corona easing generally drove shares in the travel industry. For the papers of the cruise company Royal Caribbean Cruises it went up by 3.2 percent, among the airlines American (American Airlines) and United Airlines fell positively with increases of up to 2.3 percent.
Otherwise, the AMC (AMC Entertainment A) shares, which are popular with US retail investors organized on the Internet, jumped again strongly on Tuesday, this time by almost 23 percent. In the cinema chain, the easing is currently giving a lot of hope. Another topic of conversation on Tuesday was that the investment company Mudrick Capital Management bought a block of shares.
The euro was stable above the $ 1.22 mark on Tuesday. At times, the common currency had reached a high of $ 1.2254 for almost a week, and most recently $ 1.2219 was paid. The European Central Bank (ECB) had meanwhile set the reference rate at 1.2225 (Monday: 1.2201) dollars. The dollar cost 0.8180 (0.8196) euros.
In the bond market, the futures contract for ten-year Treasuries (T-Note-Future) remained at 131.84 points. The yield on ten-year bonds was 1.61 percent./tih/men
— By Timo Hausdorf, dpa-AFX —
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