Home » today » News » Stocks New York Outlook: losses – Oil price rally, reporting season begins | 10/11/21

Stocks New York Outlook: losses – Oil price rally, reporting season begins | 10/11/21

NEW YORK (awp international) – On Monday, a moderate start is emerging on the US stock exchanges. In doing so, they would follow the trend on the European stock markets. On both sides of the Atlantic, investors are worried that the ongoing oil price rally could lead to energy bottlenecks and stifle the global economic recovery from the corona pandemic. In addition, the quarterly reporting season in the United States starts this week with business figures from banks including JPMorgan, Bank of America, Morgan Stanley, Citigroup and Goldman Sachs.

The broker IG estimated the leading index Dow Jones Industrial three quarters of an hour before the start of trading 0.05 percent in the red at 34 729 points. The Nasdaq 100 saw IG 0.51 percent weaker at 14,745 points. According to a contradicting US labor market report, the Dow closed almost unchanged on Friday, while the tech-heavy selection index fell by around half a percent.

At the beginning of the week, the shares of the oil companies naturally benefited from the fact that the ongoing oil price rally drove the prices for the important commodity to new multi-year highs: Chevron and Exxon Mobil were already priced between one and one and a half percent before the market.

At the pharmaceutical giant Merck & Co, the shareholders could look forward to an increase of around 1.3 percent. Merck and partner Ridgeback want to quickly bring their corona drug to use in the USA with an emergency approval. The companies said they have submitted a corresponding application for their drug molnupiravir to the US health authority FDA.

In contrast, Southwest Airlines’ shares lost almost three and a half percent after the airline had to cancel 1,800 flights over the weekend due to bad weather and staff shortages – that corresponds to at least 30 percent of all scheduled flights of the airline.

Hasbro was down almost 1.7 percent. The toy manufacturer’s titles apparently suffered from a report in the “Wall Street Journal”, according to which company boss Brian Goldner is now taking a break for health reasons. The fact that shareholders of Robinhood could place securities of the online broker and crypto currencies are increasingly regulated, caused them to fall significantly ./gl/men

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