New York Stocks: Tech stocks escalate losses

NEW YORK (dpa-AFX) – After the mixed start of the week, investors on the US stock exchanges will mourn on Tuesday. Again, technology stocks in particular came under pressure: They increased their losses in the course of trading, whereas the standard value indices, which were friendly the day before, were able to contain their discounts. Because of inflation concerns, investors are continuing to shift from pandemic winners, for example from the tech sector, to beneficiaries of a reopening after the crisis.

On the technology exchange Nasdaq, the selection index Nasdaq 100 lost most recently 2.31 percent to 13,480.61 points, accelerating the recent downward trend. The leading index Dow Jones Industrial on the other hand only lost 0.18 percent to 34 053.39 points. For the market-wide S&P 500 it was downhill by 0.95 percent to 4152.97 meters, with which he got at least a little from the daily low.

The debate about a possible turnaround in the interest rate markets is putting pressure on technology stocks in particular, said market expert Andreas Lipkow from Comdirect. After the excessive flood of liquidity by the central banks, there are now calls for an end to this flooding. In addition, the US indices continued to trade near their new record highs.

The US Federal Reserve had recently promised again and again that it would not consider tightening its monetary policy yet. US Treasury Secretary Jane Yellen, however, believes slightly higher interest rates are possible in light of the significant rise in government spending. In an interview published on Tuesday with Atlantic, the predecessor of the acting US Federal Reserve President Jerome Powell said: “It may be that interest rates need to rise a little to ensure that our economy does not overheat, even if the additional spending in relation to the The size of the economy are relatively small. “

On the company side, the focus was once again on business figures. Pfizer raised its annual targets significantly after a surprisingly strong first quarter. The pharmaceutical company had clearly benefited from the corona vaccine developed jointly with the German company Biontech, but also increased other products, for example against cancer. Pfizer shares rose 0.3 percent against the market.

Biontech, however, could not benefit from the fact that Pfizer also specifically increased the sales target for the joint vaccine: The deposit receipts of the Mainz biotech company, which were still strong the day before, sagged by almost 14 percent, paying tribute to their record hunt. The price development of the competitors Moderna and Curevac, which Biontech had pulled up the day before, did not look quite as weak.

The shares of the sporting goods manufacturer Under Armor also took off after the recent soaring: regardless of the good start to the year and the raised outlook, they fell by almost two percent. Investors’ relief from a relatively small fine, which the Securities and Exchange Commission had ordered the company to pay for violating securities laws and misleading investors, was limited.

After a good first quarter and more optimistic annual targets of the chemical company, Dupont shares rose by 0.7 percent. The shares of the pharmaceutical trader CVS Health rose by 4.2 percent and reached their highest level since the end of 2018. They benefited from the fact that both the quarterly profit and the profit outlook surprised positively.

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