NEW YORK (dpa-AFX) – The US stock market recently gave way on Monday during quiet trading. The Dow Jones Industrial (Dow Jones 30 Industrial) lost 0.29 percent to 32,750.93 points. The market-wide S&P 500 slipped 0.50 percent to 4109.63 points. The NASDAQ 100, which is predominantly stocked with technology stocks, was down 0.30 percent at 12,909.18 points.
Economic data released at the start of trading failed to move the market in the long term. As reported by the Institute for Supply Management (ISM), sentiment in US industry fell to its lowest level in more than two years at 52.8 points in July. However, economists had expected an even more pronounced drop to just 52.0 points.
“The Purchasing Managers’ Index has exceeded the consensus estimate and is also still clearly in the expansion zone,” emphasized Helaba’s economist Ulrich Wortberg positively. “Against this background, doubts about growth should not increase and the US Federal Reserve can stick to its plan to initially raise interest rates further to curb inflation.” The Postbank experts also viewed the data positively: Although the ISM had fallen, it still pointed to slight growth, which supported corporate profits at the start of the third quarter.
Among the individual stocks in the Dow, shares in the aircraft manufacturer Boeing rose by 6.7 percent. According to circles, the group is about to resume deliveries of the long-haul jet 787 (Dreamliner). The group has received preliminary approval from the US Federal Aviation Administration, the Bloomberg news agency reported, citing people familiar with the matter. According to RBC analyst Ken Herbert, this is good news not only for Boeing stock but for the sector as a whole. Goldman analyst Noah Poponak expects this will now unlock significant cash inflows and ease concerns about the capital structure.
Alibaba (Alibaba) was half a percent weaker on Thursday and Friday after a significant slide in prices. The Chinese Amazon competitor announced that it wants to work with the US authorities to keep the previous listing on the New York Stock Exchange (NYSE) in addition to the new listing in Hong Kong. On Friday, the US Securities and Exchange Commission (SEC) put Alibaba on a list of companies threatened with delisting.
Celsius shares jumped 12.3 percent to $99.90 and PepsiCo gained 0.9 percent. The soft drink company and Coca-Cola competitor has secured an 8.5 percent stake in the fitness and energy drink maker for $550 million, or $75 a share.
Twitter titles (Twitter) fell by 1.8, almost two percent. tech billionaire Elon Musk filed a response to the short message service’s lawsuit in the legal dispute over its withdrawn takeover bid. However, the document from Friday is not publicly available for the time being. Musk’s lawyers have a few days under court rules to release a version devoid of confidential details./ck/he
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