New York Stocks: Wall Street firmer, tech stocks weaker ahead of US election

NEW YORK (dpa-AFX) – Without a clear direction, the US stock markets presented themselves in the course of trading on Monday. While the standard stocks on Wall Street crumbled, but still posted solid gains, the technology stocks – led by stronger losses from the heavyweights Apple, Microsoft and Amazon – mostly turned into the red.

The day before the US presidential election, the Dow Jones Industrial was last 0.75 percent higher at 26,700.57 points. In early trading, it was up more than 1.5 percent. In the previous week, the US leading index had recorded the weakest performance since the outbreak of the corona pandemic in March with a loss of 6.5 percent.

The market-wide S&P 500 lost more than three quarters of its initial profits and was most recently 0.33 percent up at 3280.69 points. The Nasdaq 100, on the other hand, could not maintain its early plus and recorded a decline of 0.79 percent to 10965.37 points.

In the polls for the presidential election, Democratic candidate Joe Biden leads by a long way ahead of Republican incumbent Donald Trump. The opinion polls also give the Democrats a good chance of retaining the majority in the House of Representatives and regaining control of the Senate after six years. Biden needs the two chambers of Congress to move something forward politically. The House of Representatives and a good third of the seats in the Senate will be voted on November 3rd.

Trump suffered a defeat the day before the election: A judge in the state of Pennsylvania suspended an order from the Department of Commerce that would mean the complete end of the Chinese video app Tiktok in the USA on November 12th. It issued an injunction at the request of three Tiktok video writers who make a living on the platform. A judge in Washington had previously suspended the download stop for the Tiktok app planned for the end of September, also with an injunction. The US government appealed against it.

In the coming days, further important events will be on the agenda with the Fed’s interest rate decision and the US monthly labor market report.

Among the individual values ​​were the Apple papers with a price discount of 1.2 percent at the Dow end. They were followed by the Microsoft titles with a minus of one percent. The shares of Amazon lost 2.6 percent and those of Facebook fell by 1.8 percent.

The cosmetics group Estee Lauder announced after strong quarterly figures a ten percent increase in its quarterly dividend, which initially caused the shares to rise by more than 5 percent. Most recently the papers were only listed 0.8 percent in the plus. After the market closes on Wall Street, the online payment service PayPal and the food manufacturer Mondelez also present their business figures./edh/zb

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