NEW YORK (dpa-AFX) – In view of robust economic data, Wall Street has stabilized a little after the decline at the beginning of the week. The most important indices closed hardly changed on Tuesday. Some relief was provided by the fact that the chronic deficit in the US current account had risen less strongly than analysts had expected in the second quarter compared to the previous quarter. In the construction industry, the number of newly started residential construction also increased more than expected, and the number of building permits increased unexpectedly and significantly.
The leading index Dow Jones Industrial (Dow Jones 30 Industrial) initially rose by around one percent before losing momentum again and closing 0.15 percent in the red at 33,919.84 points. At the beginning of the week, the Dow had lost around 1.8 percent. In particular, investors’ fear of the troubled Chinese real estate sector had sent prices down around the world.
The market-wide S&P 500 fell on Tuesday by 0.08 percent to 4354.19 meters. On the technology-heavy Nasdaq exchange, the NASDAQ 100 advanced 0.10 percent to 15 027.77 points.
Meanwhile, investors are already turning their attention to the central bank’s interest rate decision on Wednesday. Economist Christian Scherrmann from the fund company DWS does not expect any significant changes. Because the recent moderate recovery in the labor market and the uncertainty surrounding the delta variant of the corona virus reduced the pressure, which was very relaxed Monetary policy to adjust prematurely to support the economy.
Among the individual values, all companies from the second row were a topic of conversation. Uber’s shares soared 11.5 percent. More than a decade after it was founded, the driving service broker has the prospect of its first operating profit – at least after deducting various costs. The company burned billions on its global expansion with the promise of later profits.
In the meantime, a transatlantic takeover with a double-digit billion volume is looming among the providers of games of chance and sports betting. The group DraftKings wants to buy the British competitor Entain (formerly GVC). The advertised group, which also includes the sports betting provider bwin, which is well-known in Germany, confirmed the receipt of a corresponding offer.
While Draftkings’ shares lost more than 7 percent, Entain’s shares in London soared by around 18 percent by the end of trading. Analyst James Wheatcroft from the investment bank Jefferies thinks it is possible that a bidding race will start for the gambling group. He pointed out that the casino operator MGM had previously made a bid and that they had now amassed more money.
At the Dow end, the shares of entertainment company Walt Disney sagged by more than four percent. The CEO Bob Chapek had warned investors at a conference of the bank Goldman Sachs that the spread of the Delta variant would delay production and lead to unsteady growth in the streaming business.
The solid economic data put some pressure on prices in bond trading. The futures contract for ten-year paper (T-Note-Future) fell by 0.06 percent to 133.19 points. The yield on ten-year paper rose to 1.33 percent. At the close of the market, the euro was priced at $ 1.1725. The European Central Bank had set the reference rate at 1.1738 (Monday: 1.1711) dollars. The dollar cost 0.8519 (0.8539) euros./la/jha/
— By Lutz Alexander, dpa-AFX —
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