NEW YORK (dpa-AFX) – There was little movement on Wall Street on Thursday at the start of trading. The broker IG appraised the Dow Jones Industrial a few points higher to 32,912 points about an hour and a half before the opening bell, after the US leading index had lost 3.5 percent in May. The stock market adage “Sell in may, and go away” says hello.
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Investors are not impressed that last night the US House of Representatives approved the last-minute bill designed to avert a US default. In order for the US government not to run out of money, the Senate must also approve the project and President Joe Biden must sign the law. The time pressure is great: US Treasury Secretary Janet Yellen recently warned that insolvency could occur on June 5th – so this Monday.
Meanwhile, the Nasdaq 100 is showing a small plus. IG assesses the selection index of the technology exchange 0.1 percent higher to 14,265 points. In May it was up 7.6 percent on the Dow to a new high in a year.
However, investors are not very enthusiastic about the outlook for SAP’s competitor Salesforce. The papers went down by more than 6 percent before the market. It didn’t help that the experts from JPMorgan and Goldman Sachs were actually quite positive and brought the imagination into play through the topic of artificial intelligence (AI).
But it looks like it’s going to be a bad day for AI companies anyway. In any case, shares in AI software developer C3.ai are falling in double digits. The sales targets have disappointed. However, they were also probably quite high, as measured by a fourfold increase in the price from the beginning of the year to Tuesday. A correction had already begun by mid-week.
On the other hand, there are indications that Chewy’s will jump. Online retailer of pet food and pet products impressed with results and customer development./ag/jha/
Source: dpa-AFX
2023-06-01 12:43:00
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