NEW YORK (dpa-AFX) – The US stock exchanges lost momentum on the first trading day in June after a strong start. After the long weekend, the Dow Jones Industrial only rose by almost one percent, but the joy of the significant price gains did not last long. Most recently, the leading index was just 0.13 percent plus at 34 574.59 points.
The Wall Street barometer did comparatively well, other New York indices had just slipped into the red. The market-wide S&P 500 lost 0.06 percent to 4201.50 meters two hours before the end. The Nasdaq 100 selection index, which is characterized by technology stocks, fell 0.15 percent to 13,665.92 points.
At the beginning of the market it was said that in view of the rapidly advancing corona vaccination campaign and the associated easing, investors apparently continued to trust in a significant economic recovery. A brighter mood in US industry later underscored this optimism, but then quickly reminded investors of their concerns that the US Federal Reserve could be forced to act with its hitherto loose monetary policy.
Sentiment in US industry, as measured by the ISM index, brightened somewhat more than expected in May. According to NordLB, the rise in the purchasing managers’ index to 61.2 points will help ensure that “the explosive topic of inflation in the USA will remain with us in the summer”. Concerns about inflation and the associated pressure on the central bank have long been seen as a brake on the share rally.
A mainstay for the Dow was the 2.5 percent higher shares of the oil company Chevron, which were given a strong boost in the oil price and a lot of tailwind. This was followed by other industry stocks such as ExxonMobil or ConocoPhillips, each up by around three percent. On the oil market, speculation about stronger demand after the corona crisis subsided came to the fore.
In the midst of the good economic signals, Boeing, a classic industrial stock, rose to the front in the Dow, whose shares posted a high since mid-April with a gain of 3.1 percent. There were also clear price gains in the banking sector with 2.5 percent at Goldman Sachs and 0.9 percent at JPMorgan.
The shares of the cloud specialist Cloudera shot up thanks to a takeover offer by 24 percent to a price close to the offer. Affiliates KKR and Clayton Dubilier & Rice are offering $ 16 in cash per share, implying a total valuation of $ 4.7 billion. After the takeover, they want to take the company off the stock exchange.
Optimism in terms of falling new infections and corona easing generally drove shares in the travel industry. For the papers of the cruise company Royal Caribbean Cruises it went up by 3.1 percent, among the airlines American and United Airlines stood out positively with increases of about 1.8 percent.
Otherwise, the AMC shares, which are popular with US retail investors organized on the Internet, jumped again by 19 percent on Tuesday. In the cinema chain, the easing is currently giving a lot of hope. Another topic of conversation on Tuesday was the fact that 8.5 million shares were sold to the investment company Mudrick Capital Management. This was the second round of financing within a few weeks./tih/men
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