New York shares further down, casino company in profit

Photo: ANP

On Monday, the New York stock exchanges closed trading again with the red numbers. Concerns about a recession caused by sharp hikes in central bank interest rates against high inflation persisted on Wall Street. Casino companies have managed to escape malaise after reports that China will gradually allow groups of Chinese tourists from the mainland to enter the Asian gambling paradise of Macau, where strict crown measures are currently in place.

The main Dow Jones index closed down 1.1% at 29,260.81 points. The broad S&P 500 fell 1% to 3655.04 points, the lowest close this year. The Nasdaq technology indicator recorded a decline of 0.6% to 10,802.92 points.

The US Federal Reserve and other central banks are aggressively raising interest rates to contain high inflation. But there are fears in the financial markets that these interest rate hikes could lead to a recession. Earlier in the day, the Organization for Economic Co-operation and Development (OECD) drastically revised its growth forecast for the US economy downward.

Casino companies Las Vegas Sands and Wynn Resorts were up 12%, and Melco Resorts & Entertainment also jumped over 25%. It would be the first time in nearly three years that groups of tourists from mainland China will be able to travel to Macau without any kind of restriction. This should be possible again from the beginning of November. Due to the strict crown measures in Macau, casino companies have lost a lot of revenue.

Lyft taxi and mobility service lost 3.4% after an advisory cut by Swiss bank UBS. Experts cited a driver survey that showed drivers prefer Uber over Lyft. The Planet Fitness fitness chain received an advisory hike from investment bank Raymond James and was set 1.2% higher.

The euro was worth 0.9608 dollars, against the 0.9620 dollars at the closing of the European stock exchanges. A barrel of American oil cost 2.7% less at $ 76.58. Brent oil cost 2.6% less at $ 83.95 a barrel.

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