NEW YORK (awp international) – After a dreary week before, the signs on the New York Stock Exchange were pointing to stabilization on Monday. The leading index Dow Jones Industrial rose in early trading by 0.64 percent to 34,831 points. According to stockbrokers, the Dow is ripe for an at least temporary recovery after five weak trading days and falling back to its lowest level in almost two months.
The broader S&P 500 gained 0.26 percent to 4470 points. For the technology-heavy Nasdaq 100, on the other hand, it hardly increased by 0.03 percent to 15,443 points.
Concerns about the economy and inflation brought the record-hunting of some US indices to a standstill last week. The delta variant of the corona virus and the prospect that the US Federal Reserve could soon begin tightening the reins of monetary policy were considered negative factors. The Dow had lost more than two percent in the week that was shortened due to the holiday. The stock market month of September is generally considered to be weak.
In view of a thin economic agenda at the beginning of the week, investors are already focusing on consumer prices due on Tuesday. These are considered to be an important criterion for the monetary policy of the US monetary authorities, who will meet in the coming week for the next interest rate decision. This is eagerly awaited, as the central bank recently signaled that it would be scaling back its bond purchase program.
Meanwhile, China’s regulatory offensive remains a topic on the stock exchanges. According to a report in the “Financial Times”, the Chinese government wants to smash the payment service Alipay, which is a subsidiary of the Internet giant Ant Group, an investment of the tech group Alibaba, in a further show of force. Alibaba shares listed in New York responded with a discount of 2.6 percent.
Apple shares, on the other hand, rebounded 0.7 percent from the setback they experienced on Friday due to a court ruling. A damper in the dispute over the business rules in the Apple App Store had sent the shares down more than three percent before the weekend.
A resumption of the valuation of large internet corporations by the US bank Goldman Sachs also caused movement. Analyst Eric Sheridan started the valuation of Alphabet, Facebook and Amazon with buy recommendations. Alphabet and Amazon then grew. Sheridan’s sell recommendations are Twitter and Airbnb, which dropped 3.4 and 4.8 percent, respectively.
A number of commodity-dependent stocks posted price gains: The shares of the oil companies Chevron, ExxonMobil, ConocoPhilips and Occidental Petroleum gained 2.4 to 4.7 percent. They benefited from the continued rise in the price of oil. The paper from aluminum producer Alcoa was 1.6 percent more expensive. The price for the light metal reached the highest level in 13 years./bek/men
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