NEW YORK (dpa-AFX) – The swing stock market in the USA continued with losses on Wednesday. After ups and downs the day before – with surprisingly clear gains at the close of trading – the most important indices have now given way more significantly. At the same time, yields on benchmark ten-year US government bonds rose back above three percent.
Investors continue to weigh up the risks to economic growth arising from central banks’ efforts to curb high inflation. Accordingly, the mood fluctuates between optimism and pessimism, so that a clear trend on the stock markets is still not discernible. water on the mills of the pessimists is currently that the industrialized nations organization OECD corrected its growth forecast for the global economy significantly downwards because of the war in Ukraine.
The leading index Dow Jones Industrial (Dow Jones 30 Industrial) fell around two hours before the close of trading by 0.83 percent to 32,904.34 points. The market-wide S&P 500 fell by 1.10 percent to 4114.84 points. The technology-heavy NASDAQ 100 lost 0.60 percent to 12635.45 points after temporary gains.
The focus this Thursday will be on the European Central Bank (ECB), which is expected to herald the turnaround in interest rates in the euro area in July and at the same time decide to end its asset purchases. The next interest rate decision by the US Federal Reserve (Fed) will follow next week. In the fight against inflation, it has already raised interest rates significantly and recently tightened its monetary policy. Fresh inflation data from the US will be released on Friday.
Among the stocks, the focus was on shares in soup maker Campbell (Campbell Soup). The company had raised its sales forecast, and the share was last up 2.4 percent. JPMorgan analyst Ken Goldman spoke of strong quarterly figures, but referred to the forecast range for earnings per share in the fourth fiscal quarter. This missed the expectations. Either, according to Goldman, the market estimate is too high, or Campbell is just being cautious.
Among other stocks, Novavax drew attention after being suspended from trading the previous day. An advisory board to the US Food and Drug Administration (FDA) has come out in favor of emergency use authorization for the corona vaccine NVX-COV2373 for adults. The papers rose by 5.8 percent.
Chinese companies from the tech industry such as Alibaba and Baidu listed on the Nasdaq rose. Alibaba jumped almost eleven percent, Didi Global by almost 14 percent and Baidu (Baiducom) by 1.5 percent. In Hong Kong trading, hopes of a easing regulatory stranglehold from Beijing had already prompted a rally among technology stocks. The papers of the travel agent and delivery service provider also helped again that the Chinese government wants to complete the investigation against Didi, as the “Wall Street Journal” recently reported.
Shares in TV streaming provider Roku jumped 9.3 percent. Speculation circulated on the market about the possibility of a takeover by Netflix. These increased by 1.3 percent. The US bank JPMorgan considers this to be “highly unlikely”.
State Street (State Street) lost 4.3 percent. There were rumors that the US finance company was interested in taking over the crisis-ridden major Swiss bank Credit Suisse (Credit Suisse (CS)). This was reported in a report by the Swiss finance portal “Inside Paradeplatz”. A spokeswoman for the bank did not want to comment on the speculation./ck/he
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