NEW YORK (dpa-AFX) – The situation on the US stock exchanges calmed down somewhat on Thursday after an interim phase of weakness. Moderate gains in the standard values were offset by losses on the Nasdaq technology exchange, which reversed the signs from early trading.
Most recently, the leading index Dow Jones Industrial (Dow Jones 30 Industrial) gained 0.18 percent to 32 478.69 points and the market-wide S&P 500 advanced 0.08 percent to 3892.30 points. In contrast, the NASDAQ 100 recorded a minus of 0.48 percent to 12,737.78 points.
In the Dow, Nike was at the bottom with a price loss of 3.6 percent. After EU sanctions were imposed on China, foreign companies came under fire there. Initially, the Chinese state media sharply criticized Hennes & Mauritz (HennesMauritz AB (HM, H&M)) (H&M), then sports brands such as Nike and adidas were also punished by a party-affiliated newspaper.
H&M announced last year that it no longer wanted to purchase cotton from the Chinese region of Xinjiang after reports that the Muslim Uyghur minority was doing forced labor there. At that time there was still no sharp reaction from China. That has now changed after the EU imposed sanctions on China for the first time in more than three decades on Monday.
Otherwise moving business figures. The pharmacy and drugstore chain Rite Aid reported surprisingly weak quarterly results, as the corona-related lockdown measures led to a decline in sales of cold medicines. The papers lost over a fifth of their value.
Shares in the restaurant chain operator Darden, on the other hand, achieved an increase of over seven percent thanks to numbers that were better than expected. The adhesives manufacturer HB Fuller impressed with a surprisingly high operating profit target (Ebitda) for the current year – the papers advanced by around four and a half percent.
Cisco Systems shares rose one and a half percent after Goldman Sachs recommended them to buy. With a restart of the US economy after the corona pandemic, companies are likely to invest more in network technology again, argued the investment bank./gl/mis
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