Equities New York Outlook: Dow and Nasdaq before a stable start

NEW YORK (dpa-AFX) – After the recovery rally in the previous week, a stable start can be seen on Monday on the US stock markets. An hour before the start of trading, IG rated the Dow Jones Industrial 0.1 percent higher at 31,535 points. The tech-heavy Nasdaq 100 is calculated by the broker 0.2 percent higher at 12,132 points.

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According to one stockbroker, “the bulls have recently come back” thanks to speculation that the Fed could take its foot off the gas pedal in the future when tightening monetary policy. However, after a 5.4 percent gain in the past week, the market continues to debate whether this is just a bear market rally. So only an interim recovery in the continuing downward trend.

Better-than-expected orders data from US industry on Monday showed that the economic fallout from high inflation and the associated interest rate hikes are still milder than some experts had thought. Durable goods orders had surprisingly increased significantly in May.

This week, not only is June coming to an end on the stock exchanges, but also the quarter and the half-year – each with a still gloomy conclusion: the Dow has lost 4.5 percent in June so far. The discount on the Nasdaq 100 is 4.2 percent. In the second quarter, the Dow is down 9.2 percent and the Nasdaq is down 18.4 percent, and year-to-date is down 13.3 percent and 25.8 percent, respectively.

Stockbrokers believe it is possible that institutional investors will realign their portfolios again in the last few days of June – with perhaps a beneficial effect as at the end of the first quarter. JPMorgan expert Marko Kolanovic supports this thesis given a period of low trading volume, oversold markets, record high liquidity and recently particularly pronounced short speculation.

In the case of individual stocks, the pre-market focus was on trading platforms, which are very popular with private stock market speculators. Goldman Sachs experts expressed pessimism about crypto platform Coinbase due to the ongoing turmoil in cryptocurrencies. At the same time, they gave up their previous sell recommendation for the neo-broker Robinhood, whose opportunities and risks analyst Will Nance now sees in balance. Coinbase fell 5.6 percent premarket, while Robinhood rose 2.5 percent.

The Biontech share certificates were also worth a look before the market, with an increase of 3.2 percent in Nasdaq trading. The corona vaccine pioneer, together with his partner Pfizer, reported at the weekend that an adapted vaccine against the omicron variant had resulted in a high immune response.

Meanwhile, McDonald’s will soon have a new chief financial officer. The news that Ian Borden, a manager from our own ranks, will take over from Kevin Ozan in September left investors largely cold. Before the market, the titles of the fast food chain were traded moderately in the red at 0.2 percent./tih/jha/

Source: dpa-AFX

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