ROUNDUP / New York stocks: losses – investors shy away from new purchases after records

NEW YORK (dpa-AFX) – NEW YORK (dpa-AFX) – Investors on the US stock exchanges have held back after the latest records on Monday. The upcoming economic data and business figures from the banking sector from Tuesday also dampened the risk appetite of investors, wrote analyst Michael Hewson of CMC Markets UK.

Almost an hour and a half after the start of trading, the leading Dow Jones Industrial index was down 0.25 percent at 33,715.09 points. For the market-wide S&P 500 it went down by 0.23 percent to 4119.43 points. Optimistic economic expectations and the cheap money from the central bank had only given both standard value indices record highs on Friday. In contrast, the Nasdaq 100 selection index on the Nasdaq technology exchange just missed a record high – it lost 0.49 percent to 13,777.69 points at the beginning of the week.

Meanwhile, there was also positive news from the US Federal Reserve President: According to Jerome Powell, the world’s largest economy is at a turning point towards more growth. “We feel at a point where the economy is starting to grow much faster,” Powell said in an interview with US television station CBS. Powell also referred to an improvement in the American labor market.

Among the individual stocks, the recently weak Alibaba stocks defied negative news with a price jump of eight percent. In a new blow against company founder Jack Ma, China’s competition watchdogs fined the online trading platform 18 billion yuan. The group had used its dominant position to punish traders who wanted to offer their goods on competing platforms, state media quoted the market surveillance authority as saying. In addition, the Alibaba financial division Ant Group will have to reposition itself as a financial holding company and meet the strict requirements of a bank.

Brokers had feared an even higher penalty for the Amazon competitor. In addition, the uncertainty has now given way to the shares, it said. In contrast, the shares listed in New York by the Chinese Alibaba rival JD.com and the search engine operator Baidu each lost over two and a half percent. There are concerns that the two companies could also be targeted by Chinese regulators, commented expert Hewson.

Among the other technology stocks, Luminex papers rose by more than eleven percent. The Italian diagnostics group Diasorin wants to take over the manufacturer of Covid-19 tests. Diasorin’s shares recently gained a good nine percent in Milan.

Meanwhile, the software giant Microsoft wants to expand its range of language processing solutions with a billion-dollar takeover. He is offering $ 56 per share for artificial intelligence and speech processing specialist Nuance Communications. Its papers jumped over 17 percent to $ 53.43, while the Microsoft titles were marginally positive.

At Uber, the shareholders could look forward to a price increase of 3.7 percent. According to its own information, the transport service provider received more bookings in March than ever in the company’s history. The titles of competitor Lyft did not benefit: They lost 1.8 percent./gl/he

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