NEW YORK (dpa-AFX) – On Friday, there was initially a weak start to October and the new quarter. Thanks to a sharp turn in the past hour, there is now even a decent plus. Last but not least, the high pre-market price gains at Merck & Co after a hopeful interim analysis of an anti-Covid drug are boosting the market.
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The broker IG now estimates the Dow Jones Industrial a good hour before the start of trading a half percent higher to 34,000 points, after moving to 33,500 points in the morning. Everything indicated that the setback of September, in which the US benchmark index moved more than 4 percent from its August record, will continue.
The broad-market S&P 500 was also weak in the morning. Meanwhile, IG sees him with 0.3 percent plus at 4321 points. The Nasdaq 100 technology selection index is expected to be similarly strong at 14,728 points. The S&P was down nearly 5 percent in September and the Nasdaq 100 was down nearly 6 percent.
According to the bank J.Safra Sarasin, investors are now having a harder time on the stock market in view of the rapidly falling profit expectations and rising US real interest rates. The US central bank must now act very cautiously in order not to trigger a major setback, said the stock market strategist Wolf von Rotberg.
First of all, there will be a recovery on Friday thanks to Merck. Merck shares shot up 8.5 percent pre-market. The antiviral agent molnupiravir from Merck and Ridgeback Biotherapeutics showed, according to the companies, in the interim analysis of a final phase III study, the risk of having to be treated in hospital or even dying of Covid was reduced by half. Merck is now seeking emergency approval for the pill in the U.S./ag/jha/
Source: dpa-AFX
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