NEW YORK (dpa-AFX) – Wall Street gave in noticeably in the closing minutes on Monday and surrendered its clear initial profits almost completely. The technology indices on the Nasdaq came under strong selling pressure after initial record highs and closed significantly in the red.
The Dow Jones Industrial (Dow Jones 30 Industrial) saved a plus of 0.05 percent to 35,619.25 points over the finish line, after it had been quoted almost one percent higher in the last hour of the session. For the market-wide S&P 500, it initially hit a record high of just under 4744 meters and ended up falling 0.32 percent to 4682.94 points. The NASDAQ 100 also climbed another high at almost 16,765 points and went out of trading with a loss of 1.16 percent at 16,380.98 points.
In early trading, US exchanges received positive impetus from China, where the central bank had signaled monetary easing measures to support the recovery of the domestic economy. The continuity at the top of the US Federal Reserve was also welcomed after speculation about a change in leadership at the Fed. US President Joe Biden has nominated the head of the Federal Reserve (Fed), Jerome Powell, for a second term.
Many technology stocks have suffered from profit-taking, according to traders. Speculations arose that the recent sharp rise was fueled by covering short positions and was exaggerated, it said. The shares of the apartment broker Airbnb lost 7.5 percent. Those of the fitness equipment specialist Peloton (Peloton Interactive) lost 6.5 percent, those of the transport operator Lyft 4.3 percent and those of the photo app provider Snap 4.0 percent.
In contrast, the papers of the corona vaccine manufacturers Biontech (BioNTech (ADRs)) and Moderna benefited from attractive booster vaccination campaigns and gained 11 and 7 percent respectively. The papers of the Biontech partner Pfizer rose by 0.8 percent. The mRNA vaccines from these companies are still considered to be the most important pillars of the campaigns that have started rolling in many countries due to the dramatic infection situation.
Vonage went up 27 percent to $ 20.79. The Swedish network equipment supplier Ericsson (Ericsson (telephone AB LMEricsson) (B)) wants to swallow the cloud telephony provider for 21 dollars per share in cash. It would be the largest acquisition in the company’s history to date, as Vonage is valued at 6.2 billion dollars including debt.
The euro was able to hold its own in US trading compared to the weaker European late business and was most recently quoted at 1.1235 US dollars. The European Central Bank (ECB) had set the reference rate at 1.1278 (Friday: 1.1271) dollars.
US Treasuries lost significant ground. The futures contract for ten-year Treasuries (T-Note-Future) recently fell by 0.69 percent to 129.97 points. In return, the yield on ten-year government bonds rose to 1.63 percent./edh/he
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