NEW YORK (dpa-AFX) – The US stock exchanges quickly lost momentum on the first day of trading in June after a strong start. After the long weekend, the Dow Jones Industrial only rose by almost one percent, but then trade quickly flattened out. Most recently, the leading index rose by 0.25 percent to 34,616.63 points. The market-wide S&P 500 even plunged just under 0.05 percent to 4201.98 points.
The market said that in view of the rapidly advancing corona vaccination campaign combined with easing, investors apparently continued to trust in a significant economic recovery. A further brightening of sentiment in US industry underscored this optimism, but then quickly reminded investors of their concerns that the US Federal Reserve could be forced to act with its hitherto loose monetary policy.
This was even more evident in the technology stocks. After a friendly start, the Nasdaq 100 selection index, which was shaped by these, clearly turned into the red with half a percent, most recently it stood at 13,618.24 points.
Sentiment in US industry, as measured by the ISM index, brightened somewhat more than expected in May. The purchasing managers index rose compared to the previous month by 0.5 points to 61.2 points. According to the NordLB, this ensures 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 equity rally.
A mainstay for the Dow was the 3.1 percent higher shares in the oil company Chevron, which were given a strong boost in the oil price and a lot of tailwind. This was followed by other industry stocks such as ExxonMobil or ConocoPhillips by up to 3.5 percent. On the oil market, speculation about stronger demand after the corona crisis subsided came to the fore.
Classic industrial stocks such as Boeing followed in the Dow ranks, posting a high since mid-April with an increase of more than two percent. There were also larger price gains in the banking sector with 2.5 percent at Goldman Sachs and 1.4 percent at JPMorgan.
Meanwhile, shares in cloud specialist Cloudera shot up 24 percent to $ 15.93 thanks to a takeover bid. Affiliates KKR and Clayton Dubilier & Rice are offering $ 16 in cash per Cloudera share, implying a total valuation of $ 4.7 billion. After the takeover, they want to take Cloudera off the stock exchange.
Otherwise, the AMC shares, which are popular with US retail investors organized on the Internet, jumped again by 11 percent on Tuesday. In the cinema chain, the easing is currently giving a lot of hope. Another topic of conversation on Tuesday was the fact that 8.5 million shares were sold to the investment company Mudrick Capital Management. This was the second round of financing within a few weeks./tih/men
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