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NEW YORK (dpa-AFX) – The US stock exchanges quickly lost momentum on the first day of trading in June after a strong start. The Dow Jones Industrial (Dow Jones 30 Industrial) only rose by almost one percent after the long weekend, 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 counters.
On the market it was 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 is loosening its so far Monetary policy could be forced to act.
This was even more evident in the technology stocks. After a friendly start, the NASDAQ 100 selection index, which was shaped by them, 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.
One of the main pillars of the Dow was the 3.1 percent higher shares of the oil company Chevron, which were given a strong tailwind by a strong boost in the price of oil. 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.
The Dow ranks were followed by classic industrial stocks such as Boeing, which posted a high of more than two percent since mid-April. There were also larger price gains in the banking sector with 2.5 percent at Goldman Sachs and 1.4 percent at JPMorgan (JPMorgan ChaseCo).
The shares of the cloud specialist Cloudera shot up thanks to a takeover offer by 24 percent to 15.93 US dollars. 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 (AMC Entertainment A) 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. On Tuesday, however, the fact that 8.5 million shares were sold to the investment company Mudrick Capital Management was also a topic of conversation. This was the second round of financing within a few weeks./tih/men
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