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When the stock exchange closed at 10 p.m. Norwegian time, this was the outcome of the three trend-setting indices:
- The broad S&P 500 index falls 0.4 percent.
- The industry-heavy Dow Jones index falls 0.1 percent.
- The technology index Nasdaq Composite falls 1.2 percent.
It has been a tough week for memory chip manufacturers in the US market, which has also affected the technology-heavy Nasdaq.
The company Micron is an example, when it warned that revenues may fall more than previously expected due to “macroeconomic factors and constraints in supply chains”. The share fell 3.74 percent on Tuesday.
Another example is Nvidia – which on Tuesday fell a further four percent after a six percent decline on Monday. The reason must be weaker income guidance from the group than expected.
Before Wall Street opened, the cruise company Norwegian Cruise Line Holdings broke the news that passenger numbers – and capacity utilization – are still lower than they were before the pandemic – with the consequence that revenues are less than expected.
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This has sent the company’s share price down around 11.6 per cent.
Inflation figures on Wednesday
Oil prices rose on Tuesday, which may be one of the reasons why several energy companies rose on the American market. A barrel of burnt North Sea oil, which is the reference price for oil trading worldwide, trades for 97 dollars. This is an increase of 1.3 per cent from Monday. The petroleum company Chevron, for example, rose 1.36 percent.
The American market is now anxiously turning its eyes to the new inflation figures due on Wednesday. The figures for core inflation in the US in July are expected to rise to 6.1 per cent in July on an annual basis, from 5.9 per cent the previous month. After a decline in energy prices, overall inflation is expected to fall to 8.9 per cent, from 9.1 per cent in June, according to TDN Direkt.
Mixed ending to yesterday’s trading day
On Monday, the leading indices on Wall Street opened with gains, but towards the end of the trading day it was more mixed. The three key indices looked like this at closing time at 22:00 Norwegian time on Monday:
- The broad S&P 500 index fell 0.12 percent.
- The industry-heavy Dow Jones index rose 0.09 percent.
- The technology index Nasdaq fell 0.10 percent.
This weekend’s news that the US Senate approved Biden’s climate reform package has increased interest in climate investments. The comprehensive climate and health package was adopted after a year and a half of discussions and compromises.
The package includes measures worth $370 billion to reduce CO2 emissions, including incentives to buy electric cars and make buildings more energy efficient, and there is money to reduce emissions from coal-fired power plants.
Renewable energy company First Solar rose 4.75 percent, while Tesla rose a cautious 0.78 percent.
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Several meme shares were again attractive on the US stock exchanges. These are shares that hobby investors buy online, often through large online forums such as Wall Street Bets (WBS) on Reddit, which lead to large increases in trading volume and that share prices often skyrocket.
The most famous of these stocks are possibly Gamestop and the cinema chain AMC, which rose sharply for periods during the first shutdowns. It first started as a rebellion against Wall Street and shorters of the shares, i.e. institutions or investors who had bet on a fall in prices.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links, which lead directly to our pages. Copying or other forms of use of all or part of the content can only take place with written permission or as permitted by law. For additional terms se her.
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