US stock exchanges provide the most gains on Friday

The most famous Wall Street index, the Dow Jones Industrial, lost 0.78 percent to 42,022 points around two hours before the market closed. The market-wide S&P 500 fell 0.56 percent to 5,719 points, while the technology-heavy Nasdaq 100 lost 0.54 percent to 19,927 points.

On Friday, the monthly labor market report saw gains, so Wall Street and Nasdaq finally closed in positive territory for the week as well. Although the data dampened expectations of the next big, downward interest rate move in November, there is now hope for a “soft landing” for the US economy. Hopes have risen that the world’s largest economy can avoid a slide into recession.

Stock strategist Marija Veitmane of State Street Global Markets continues to see good opportunities for stocks with the resilient economy and recently declining inflation. In their view, investors should not rely too much on further major cuts in interest rates as price drivers. But perhaps the quarterly reporting season that starts at the end of the week with figures from banks JPMorgan and Wells Fargo as well as investment giant Blackrock could provide the first positive impetus.

On Monday, the focus was mainly on insurers. The prices of several companies in the industry fell after Hurricane “Milton” reached the highest storm rating (5) off the west coast of Florida. Shares of insurer Heritage Insurance, which has a strong presence in Florida, fell nearly 25 percent. In the Dow, the security of the industry giant The Travelers, at the bottom of the index, lost 4.2 percent.

Amazon, the second-weakest Dow stock, lost 2.9 percent. US bank Wells Fargo had downgraded the online trading giant’s paper to “equal weight”. This means that the analyst Ken Gawrelski is now one of the few in his profession who is no longer optimistic about Amazon. He lowered his price target from $225 to $183, which is one of the lowest on Wall Street.

Australian lithium producer Arcadium Lithium gained attention after miner Rio Tinto made a takeover bid. Financial details were not disclosed. New York-listed Arcadium shares jumped by a third, while Rio shares in London ended trading almost unchanged by the market.

Pfizer gained 2.3 percent in the S&P 100 index. Bloomberg news agency, citing insiders, said that the hedge fund Starboard Value had invested about one billion US dollars and wanted to turn at the pharmaceutical company./ck/he