NEW YORK (dpa-AFX) – On Friday, the US stock exchanges partially continued their series of losses of the past few days. Investors fear further rate hikes by the US Federal Reserve and are looking at the economy in China with growing concern – above all because of the worsening real estate crisis there. While the indices gained some ground over the course of the day, some of the New York indices are heading for their fourth consecutive day of losses.
The Dow Jones Industrial was the only one to fully recoup its early losses. Two hours before the end, it increased by 0.01 percent to 34,479.44 points. The market-wide S&P 500 was down 0.13 percent to 4364.70 points. The Nasdaq 100, which is dominated by technology stocks, lost 0.31 percent to 14,670.03 points. Weekly losses of up to 2.4 percent are thus emerging for the three major price barometers.
According to portfolio manager Thomas Altmann from QC-Partners, China in particular is a cause for concern. “The weak Chinese economy and the real estate crisis are increasingly weighing on stock markets around the world,” he said. The big new concern is that heavily indebted Chinese real estate group Evergrande has filed for US bankruptcy protection.
Shares in Chinese companies listed on the Nasdaq in New York came under pressure once again: the stocks of the Chinese Internet companies Baidu and Alibaba lost up to 3.6 percent. The US Internet giants Meta and Alphabet were also very weak with losses of up to 2.3 percent.
Applied Materials gained 3.4 percent on the Nasdaq. The chip industry supplier gave strong forecasts for the current fourth business quarter. However, stocks from the chip industry could not benefit from this. The titles of the industry giant Nvidia fell by 0.8 percent.
Tractor maker Deere raised its forecast for this year’s net profit. However, this did not help the share, which reached a record level a few days ago. It continued its recent slide with a minus of five percent. Investors questioned how long the boom in agricultural machinery could last.
In small caps, Farfetch caused long faces with a price slump of 43 percent to a record low. The online designer fashion retailer slashed forecasts for its all-important gross merchandise value and profitability. In the past second quarter, sales fell well short of expectations.
Another notable loser was Estee Lauder shares, down 2.8 percent. An annual report described by stockbrokers as “ugly” pushed the price to its lowest level since April 2020, and it has already fallen by more than half since the beginning of 2022. The outlook of the cosmetics group, which is below expectations, is the focus, it said./tih/he
ISIN US2605661048 US6311011026 US78378X1072
AXC0227 2023-08-18/20:08
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2023-08-18 18:08:00
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