New York stocks: Most gains given up – Nvidia dampens tech mood | 8/8/22

NEW YORK (awp international) – The US stock exchanges did not hold their opening gains on Monday. Disappointing quarterly sales from Nvidia ultimately weighed more heavily on sentiment in the technology sector. The Nasdaq 100 lost a good two hours before the close of trading 0.27 percent to 13,171.55 points. The leading index Dow Jones Industrial was up 0.20 percent to 32,869.11 points. The market-wide S&P 500 hardly changed in percentage terms at 4144.54 points.

After the surprisingly strong US labor market report on Friday, at least the Dow defied the fear of interest rates rising too quickly among the most important indices. On Wednesday, the debate about the future course of the US Federal Reserve to combat high inflation should pick up speed again. Then the consumer price data for July will be released. In June, inflation in the US rose to 9.1 percent, the highest level in over 40 years.

The chip group Nvidia clearly missed its own forecast in the past quarter. The main trigger was a significant decline in the gaming business, in which Nvidia is strong with graphics cards. Shares fell 8 percent.

The titles of the electric car manufacturer Tesla, on the other hand, advanced by 2.7 percent. They benefited from a bill passed by the US Senate for high investments in climate protection, among other things.

As speculated last week, the pharmaceutical company Pfizer wants to strengthen its rare hematology business with the multi-billion acquisition of Global Blood Therapeutics (GBT). After their high price gain at the end of last week, they now gained another 4.4 percent. Pfizer fell moderately.

Palantir’s outlook was not well received by investors. The papers of the data analysis company fell by more than twelve percent. At the pharmaceutical company Biontech, business in the second quarter was worse than expected, with shares losing more than seven percent. First Solar gained nearly 14 percent after a JPMorgan upgrade.

Avalara shares lost almost four percent to around $ 92. The investment company Vista Equity, which specializes in business software, wants to take over the company, but the offer of USD 93.50 per share apparently did not convince investors. In addition, the sales generated in the second quarter were disappointing./ajx/he

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.