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All three leading US stock market indices opened on Thursday with a decline, but the industry-heavy Dow Jones later turned to a rise.
When it closed on Wall Street, it looked like this:
- The broad S&P index fell 0.72 percent
- Industrial-heavy Dow Jones ended flat
- Technology-heavy Nasdaq fell 1.71 percent
This week has so far been a solid and cohesive upturn on Wall Street. Investors have chosen to interpret the new corona variant omikron as a milder variant than delta, and Wednesday’s announcement from Pfizer / Biontech that the vaccine is effective with a third dose contributed to a boost in the stock markets.
Markant fall for Nasdaq
It was the technology index Nasdaq that had the biggest fall on Thursday.
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The index is weighed down by the Tesla share, which fell 6.1 per cent on Thursday.
Meme shares Gamestop and AMC Entertainment also fell sharply on Thursday. Gamestop shares fell 10.37 percent, while AMC fell 8.93 percent. On Wednesday, Gamestop presented fresh quarterly figures that showed a loss equivalent to 104 million dollars in the third quarter. In advance, a loss of 18.8 million dollars was expected.
IT giant Amazon falls over one percent on Thursday.
Vacancy figures
Before the stock exchange opened, the week’s unemployment figures, which showed that there were 184,000 new applicants for unemployment benefits last week, against the expected 215,000.
This is the lowest level of new unemployment applicants in the United States since 1969, and it shows that companies are wary of laying off people because there is a general shortage of labor in many places and in many industries.
At the same time, it is typical that many companies hire people temporarily in the last weeks and months before Christmas, without renewing the contracts after the New Year.
Continued fear of inflation
Inflation is also of concern to investors, who are anxiously awaiting the inflation figures for November, which will be presented on Friday. A price increase of 0.7 per cent is expected from the previous month, and an annual price increase of 6.8 per cent, which will be the highest in over 30 years.
At the same time, there are reports as in Barron’s, that prices online are record high. The combination of broken supply lines and shortages of goods, and large consumption of goods instead of services are the main reasons, both triggered by the corona pandemic.
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The figures from Adobe, which follows online retail in the US, show, among other things, that prices for clothing alone rose by 17.3 per cent in November. This is the ninth month in a row that prices have risen by nine percent or more. Only electronics prices continue to fall, but prices are now showing signs of flattening out.
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