indexes in this article
NEW YORK (dpa-AFX) – On Monday, the US stock markets turned their initially significant price losses into profits during trading. Traders attributed the rebound to mounting optimism that some major US tech companies due to report this week’s earnings results will be good. Interest rate and economic concerns still dominated early trading. The news that Twitter had given up resistance to a takeover by tech billionaire Elon Musk caused a stir in late business.
The leading index Dow Jones Industrial (Dow Jones 30 Industrial) temporarily lost more than 3.5 percent in the first half of trading before it struggled vigorously and turned positive. Ultimately, the leading US index gained 0.70 percent to 34,049.46 points. The market-wide S&P 500 closed up 0.57 percent at 4296.12 points. The tech-heavy NASDAQ 100 rose 1.32 percent to 13,533.22 points.
Since the end of the week, increased interest rate fears had weighed on investor sentiment and initially also caused considerable strain on Monday. In particular, statements by US Federal Reserve Chairman Jerome Powell about a major interest rate hike at the next Fed meeting in early May caused the previously good market mood to tip over. In addition, there were concerns about the effects of the rigid Chinese corona policy on the global economy.
From an industry perspective, energy stocks came under the most selling pressure after oil prices fell significantly. Accordingly, the stocks of Chevron, ExxonMobil and ConocoPhillips were among the weakest stocks with losses of between 2.2 and 4.5 percent. Concerns about weaker demand due to the strict corona measures in China are increasingly dominating the crude market. The economic metropolis of Shanghai is already entering the fourth week of a tough lockdown.
Among the individual values, the shares of Twitter were the focus of interest. The online service announced on Monday that it had reached an agreement with Tesla boss (Tesla) Elon Musk on a takeover. Twitter is then to be taken off the stock exchange. The price remains at the $54.20 per share Musk offered from the start. Now it’s up to Twitter’s shareholders whether they want to accept the offer.
The Twitter papers had already increased significantly before the agreement was confirmed due to corresponding media reports and then only moved relatively little. Ultimately, they gained 5.7 percent to $ 51.70. The shares of the electric car manufacturer Tesla, on the other hand, fell by 0.7 percent.
Coca-Cola shares gained 1.1 percent. In the first quarter, the soft drinks manufacturer generated significantly more revenue than analysts had expected. Operating margin increased 2.3 percentage points to 32.5 percent.
In US trading, the euro held its clear minus from the European business and was last listed at 1.0713 US dollars. The European Central Bank had set the reference rate at 1.0746 (Friday: 1.0817) dollars. The dollar had thus cost 0.9306 (0.9245) euros.
US Treasury bonds were unable to hold onto their significant early gains in late trading, but still ended higher. The futures contract for ten-year Treasuries (T-Note Future) recently gained 0.58 percent to 119.62 points. The yield on 10-year government bonds fell to 2.82 percent./edh/he
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