NEW YORK (dpa-AFX) – Continued high inflation and surprisingly weak quarterly figures from the bank JPMorgan (JPMorgan ChaseCo) kept prices on the US stock exchanges in check on Wednesday. The Dow Jones Industrial (Dow Jones 30 Industrial) was up 0.10 percent at 34,252 points in early trade. The leading index is thus still treading water below 35,000 points.
The broader S&P 500 showed little movement, up 0.06 percent to 4400 points. The tech-heavy NASDAQ 100 rose 0.43 percent to 14,000 points.
In the US, producer prices rose even more than expected in March. They experienced the strongest price increase since the survey began in 2010. In addition, JPMorgan, which opened the number of large investment banks before the market on Thursday, also fell short of expectations due to the consequences of Russia’s war of aggression against Ukraine. Loan defaults weighed heavily here. Analysts had also expected better development in investment banking. The share price fell 2.5 percent, bringing up the rear in the Dow.
On the other hand, the quarterly figures and statements from Delta Air Lines were well received, they drove the entire industry. After a first quarter with deep red numbers, the company sees itself on the upswing again. “We returned to profitability in March,” said CEO Ed Bastian. The papers rose by 3.8 percent. United Airlines grew by 3.4 percent and American Airlines even by 7.5 percent.
Kitchen and homewares retailer Bed Bath & Beyond posted an unexpected loss in the fiscal fourth quarter. The company referred to problems with deliveries. The price of the stock fell by five 5 percent.
Meanwhile, shares of Sierra Oncology are up nearly 40 percent. The British pharmaceutical company GlaxoSmithKline wants to take over the cancer researcher for 1.9 billion dollars.
Meanwhile, Tesla (Tesla) boss Elon Musk is threatened with legal trouble after joining Twitter as a major investor. A shareholder of the company launched a potential class action lawsuit against the multi-billionaire in a court in New York over alleged securities fraud. The plaintiff accused Musk of not making his Twitter investment public within the statutory reporting period. As a result, a stock market reaction was delayed and the share price was kept artificially low while he continued to expand his stake. Tesla stocks were treading water./bek/he
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