NEW YORK (awp international) – The US stock market should start the new trading week noticeably recovered on Tuesday. There was no trading in New York on Monday due to a public holiday. Just over an hour before the starting bell on Wall Street, broker IG valued the Dow Jones Industrial 1.4 percent higher at 30,298 points.
Recession worries due to the rapid turnaround in interest rates had pushed the leading index below the 30,000 point mark last week to its lowest level since the end of 2020. However, the recent sell-off seems to have gone too far for some market participants, as has the recovery on some stock exchanges Asia and Europe. Significant price gains are also emerging for the New York technology exchange Nasdaq on Tuesday.
With the sales of existing homes for the month of May, data from the important US housing market will be released half an hour after the start of trading. This is under pressure because, on the one hand, rapidly rising interest rates are making it more expensive to finance apartments and houses, and, on the other hand, sales prices are threatening to collapse if demand falls.
Food maker Kellogg has come under the spotlight with news of a split into three public companies. The international snack and cereal business with well-known brands such as Kellogg’s, Frosties and Pringles will form the core in the future. The announcement drove the papers strong before the market, they gained six and a half percent.
The electric car manufacturer Tesla will cut 3 to 3.5 percent of its jobs in the coming months. This was made clear by company boss Elon Musk on Tuesday after conflicting reports. The tech billionaire reiterated that he expects a recession in the US in the near future. Before the market, the Tesla papers rose by three percent.
There seems to be no end in sight to the struggle for Jetblue to take over the Spirit airline. Jetblue has now improved the offer again to outperform Frontier Airlines. Premarket Spirit rose nine percent, Jetblue gained 1.6 percent./ajx/men
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