The Dow, however, went 0.31 percent lower at 27,844.91 points from trading. It remained in its narrow sideways range of the past trading days. Meanwhile, the market-wide S&P 500 made it 0.27 percent to 3381.99 meters. In contrast to the Dow, he too can flirt with a new record. In the lead he was not even missing a whole point.
While the technology stocks are swimming on their own wave of success, the Dow and the standard values it depicted were still missing the price drivers to compensate for the last piece of the corona price slide. Current economic data had a rather slowing effect: In the USA, the mood in New York’s industrial companies in August was worse than analysts expected.
The tensions between the United States and China are also causing investors a headache, as President Donald Trump increased the time pressure on the Chinese operator of the video app Tiktok. The hangover in Congress in the negotiations on a new aid package continues. According to traders, every day the likelihood of an agreement being reached before September decreases.
On the corporate side, Tesla became a symbol of the record rally among technology stocks. The papers of the electric car maker shot up as the front-runner in the Nasdaq 100 index by eleven percent and made it above the 1,800 dollar mark for the first time. According to traders, they are getting further tailwind from the fact that a stock split should make the stocks at their high level more interesting again for small investors in the near future.
In the Dow, however, price losses at Boeing and weak financial stocks slowed the momentum. Among the latter, Goldman Sachs and JPMorgan stocks in the Dow fell as much as 2.6 percent. According to traders, major banking stocks suffered as investment legend Warren Buffett’s investment company Berkshire Hathaway reduced its stakes in many of the top names in the industry.
American Express were also among the weakest values in the Dow from the financial sector with minus 2.9 percent. The reported takeover of significant parts of the online credit platform Kabbage did not become a positive price driver for the credit card provider.
Takeover activities were also a topic of conversation elsewhere. At Principia Biopharma, investors could look forward to a price increase of more than nine percent because of an offer from the pharmaceutical company Sanofi. The French are offering $ 100 a share in cash, with shares closing just below that price at $ 99.25.
After a flopped return to the stock exchange a few weeks ago, the shares of the cloud specialist Rackspace Technology suddenly rose by more than ten percent. In doing so, they benefited from the fact that the online retail giant Amazon wanted to enter with a minority stake, according to circles.
After the rocket-like initial listing on Friday, the shares of Curevac also continued to make a name for themselves. The papers of the biotech company, which is working on a long-awaited corona vaccine, shot up another 38 percent. The chief financial officer promised the investors in the “Financial Times” that they should profit from a possible vaccine with a return.
The euro gained a little. After a daily high of 1.1881 US dollars, the last payout was 1.1870 dollars. The European Central Bank (ECB) had meanwhile set the reference rate at 1.1853 (Friday: 1.1813) dollars. The dollar cost 0.8437 (0.8465) euros.
US government bonds recorded slight price gains over longer maturities. Trend-setting ten-year bonds gained 7/32 points to 99 13/32 points. They yielded 0.69 percent./tih/he
— By Timo Hausdorf, dpa-AFX —
(AWP)
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