NEW YORK (dpa-AFX) – The US stock market lost its momentum on Tuesday after a three-day recovery rally. The Dow Jones Industrial fell 0.48 percent to 27,452.66 points. Now he only has one day left to improve his monthly balance sheet: So far, he has lost 3.4 percent in September. He is heading for the first month of losses since the Corona crash in March.
Before the first television debate between US President Donald Trump and his challenger Joe Biden, reluctance dominated. A democratic draft for a 2.2 trillion US dollar economic stimulus program, which the market continued to see as difficult to implement, was also received with skepticism. The fact that the number of worldwide fatalities in the corona pandemic has reached the million mark also caused new uncertainty.
The other indices were also weaker on Tuesday. The market-wide S&P 500 also lost 0.48 percent to 3335.47 points. For the technology-heavy selection index Nasdaq 100, it was 0.37 percent downhill to 11,322.95 points.
On the company side, a leap in the price of Beyond Meat to the highest level in a year caused a sensation. An increased presence of manufactured meat substitutes in Walmart stores sent stocks on their rally. At times there was a double-digit increase, but in the end there was still a strong premium of 9.5 percent.
In the Dow, aircraft manufacturer Boeing paid tribute to a two-day recovery rally. Shares fell 1.5 percent after hopes of re-admission of the 737 Max jets soon drove them up about 15 percent over the past two days.
The current pandemic worries again weighed on the shares of airlines on Tuesday – and thus Boeing’s most important customers. United, Delta and American Airlines lost up to four percent. Hotel operators such as Wynn Resorts or Marriott lost up to 3.6 percent.
The shares of oil companies also came under pressure on a broad front due to falling oil prices on Tuesday. Chevron became the biggest loser in the Dow at a 2.8 percent discount. In the broader market, the shares of ExxonMobil, Occidental Petroleum, ConocoPhillips and the industry equipment supplier Schlumberger lost between 2.9 and 5.2 percent.
In general, the recent noticeable recovery also faded in technology stocks. Apple, for example, lost 0.8 percent and thus became a burden for the Dow. A positive industry exception, however, were various chip stocks. A two percent increase at Micron shows that investors in the company are looking cheerfully at the quarterly figures expected after the hours.
There were also price gains in the tech industry in some social media stocks, especially Facebook with an increase of almost two percent. Barclays Research analyst Ross Sandler said he was encouraging the digital advertising market in a study and looks constructively at stocks like Facebook that could benefit.
The exchange rate of the euro rose above 1.17 US dollars. Most recently, the common currency in New York was traded at $ 1.1740. The European Central Bank (ECB) set the reference rate at 1.1702 (Monday: 1.1670) dollars. The dollar cost 0.8545 (0.8568) euros.
US Treasuries gained somewhat in a cautious financial market environment. The futures contract for ten-year Treasuries (T-Note-Future) gained 0.04 percent to 139.74 points. The yield on ten-year bonds fell to 0.65 percent./tih/he
By Timo Hausdorf, dpa-AFX
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