© Reuters.
NEW YORK (dpa-AFX) – Most of the most important US stock indices continued to fall on Thursday. Only the leading index Industrial, which is dominated by traditional economic sectors, closed with an increase of 0.17 percent to 34,500.73 points. In contrast, the market width fell by 0.32 percent to 4451.14 points and the technology-heavy one by 0.73 percent to 15,258.52 points.
Although prices recovered somewhat from their early daily lows, they were still suffering from more bad news for Apple (NASDAQ:) . This particularly affected equities from the semiconductor sector. In addition, the persistently high oil prices and good economic data, such as the surprisingly declining weekly initial jobless claims, are keeping interest rate concerns alive.
The US Federal Reserve has left its further course of action open for the meeting in two weeks. No further interest rate hikes are currently expected on the financial markets. However, the Fed could then return to its monetary tightening course.
Apple shares lost another 2.9 percent at the end of the Dow. As early as Wednesday, the titles had lost more than three and a half percent after it became known that the iPhone manufacturer and other US technology giants in Europe would soon be subject to stricter rain due to their market power. In addition, a newspaper report said that China bans state officials from using iPhones and other mobile devices from abroad on duty. According to insiders, the country now wants to extend this ban to other public sector employees.
With the iPhone ban, China is heating up the technology and trade war with the USA, wrote market observer Thomas Altmann from asset manager QC Partners. This does not go down well with stockbrokers.
The shares of semiconductor companies also suffered from the Apple news. Qualcomm (NASDAQ:) lost 7.2 percent in the Nasdaq 100. Nvidia (NASDAQ:) was down 1.7 percent and Broadcom (NASDAQ:) was down 1.8 percent. In contrast, Dow leader Intel (NASDAQ:) defied the negative industry trend with plus 3.2 percent.
At Gamestop (NYSE:) the buyers prevailed in the end. The recently recovered shares gained another 0.8 percent after the computer games retailer posted better-than-expected sales and a smaller loss in the second quarter.
General Motors (NYSE:) was down 0.8 percent after the UAW, an industry union, dismissed an offer from the automaker for wage increases as too low. If an agreement is not reached within a week, not only GM is threatened with a strike, but also its competitors Ford (NYSE:) and Stellantis (NYSE:) . Their shares lost 0.9 and 0.4 percent.
Shares in fast-food chain McDonald’s (NYSE:) benefited from an upgrade to “overweight” by bank Wells Fargo (NYSE:), up 1.1 percent. They were among the better stocks in the Dow.
After renewed weak economic data from Germany and the euro zone, the euro came under further pressure and most recently cost 1.0698 dollars. The European Central Bank had set the reference rate at 1.0710 dollars, and the dollar had cost 0.9337 euros.
US government bonds turned positive despite the weak initial applications: the futures contract for ten-year bonds () rose by 0.31 percent to 110.03 points. The yield on ten-year bonds fell accordingly to 4.26 percent.
2023-09-07 20:26:00
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