NEW YORK (dpa-AFX) – After two strong weeks of recovery, the US stock market did not take a consistent direction on Monday. While the standard value indices hardly made any progress or weakened slightly, the Nasdaq indices rose.
Investors are weighing the economic risks posed by inflation and tightening monetary policy against the prospects of continued economic growth, the market said. The war in Ukraine also remains in focus. In Istanbul, representatives of Russia and Ukraine want to talk again about a ceasefire on Tuesday. At the same time, Ukrainian President Volodymyr Zelenskyy wants to “thoroughly” examine Ukraine’s neutrality, which Russia has demanded.
The Dow Jones Industrial fell 0.31 percent to 34,753.98 points in early trading. The market-wide S&P 500 barely moved, up 0.02 percent to 4544.09 points, while the technology-heavy Nasdaq 100 rose 0.46 percent to 14,822.38 points.
On the company side, Tesla shares came into focus with a plus of 5.1 percent. They continued their recent recovery rally, benefiting from the electric car maker’s announcement that it would seek shareholder approval for another stock split. Tesla shares have already gained a little more than a third since mid-March.
In addition, a takeover project attracted attention: HP Inc wants to take over the headset manufacturer Plantronics as part of a $3.3 billion deal. The transaction, to be settled in cash only, will bring Plantronics shareholders $40 per share, a premium of 53 percent to Friday’s closing price, it said. Plantronics shares then shot up 50 percent to $39.31. The shares of the laptop and printer manufacturer HP, on the other hand, fell by 5.3 percent.
Apple lost 0.3 percent. The Japanese daily newspaper “Nikkei” reported, citing circles, that the technology group had reduced its Airpod orders by more than ten million units this year due to poor demand. Apple plans to produce 20 percent less of the iPhone SE in the next quarter than initially planned, it said.
Shares in oil companies were also conspicuous, suffering from the current fall in oil prices. At the end of the Dow, Chevron shares fell by almost 2 percent. ExxonMobil fell 3.2 percent in the S&P 100 and ConocoPhillips fell 3.7 percent./ck/he
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