However, investors seem to be putting inflationary concerns aside for now. Particular attention is paid to the results of major US retailers such as Target, Lowe’s, Costco, Macy’s and Best Buy, which will be released later this week. These figures may provide more insight into the extent to which American consumers are holding their purse strings because of higher prices.
The Dow Jones index was up 0.5 percent at 32,972 points at the start of trading. The broad S&P 500 rose 0.6 percent to 3994 points and tech exchange Nasdaq climbed 0.8 percent to 11488 points.
Pfizer
Pfizer lost 1.4 percent. According to business newspaper The Wall Street Journal, the pharmaceutical company is in talks to acquire biotechnology company Seagen. The newspaper previously reported that competitor Merck would also be interested in Seagen, but those takeover talks did not result in a deal. Seagen, which has a market capitalization of about $ 30 billion, was raised 11 percent.
Berkshire Hathaway went down a fraction. Superinvestor Warren Buffett’s company has lost a lot on its investments last year. Berkshire Hathaway made a profit of 30.8 billion dollars from its own activities, which is about 29.1 billion euros. That was more than the $27.5 billion a year earlier. Berkshire Hathaway is active in the insurance industry, railways and energy companies, among others.
Railroad company Union Pacific
Union Pacific gained 9 percent. The railway company announced that it would appoint a new CEO this year. The company thus meets the demand of hedge fund Soroban Capital Partners to replace current CEO Lance Fritz.
Li Auto gained 1 percent. The Chinese manufacturer of electric cars, which is also listed in New York, performed better than expected last quarter. The company also expects to deliver considerably more cars in the current quarter.
Dollar and oil rate
The euro was worth 1.0561 dollars, against 1.0548 on Friday. A barrel of US oil cost 0.1 percent less at $ 76.21 per barrel. Brent oil became 0.3 percent cheaper at $ 82.94 per barrel.
