Rising energy prices dampened sentiment on Wall Street

Rising energy prices and the upcoming reporting season dampened sentiment on Wall Street at the start of the week. The Dow Jones Index and the broader S&P 500 each lost 0.7 percent. The technology exchange Nasdaq fell 0.6 percent. "Investors are cautious about the upcoming reporting season," said Tim Ghriskey, investment strategist at the brokerage firm Inverness Counsel in New York. Global supply bottlenecks and rising energy prices may have weighed on some companies' results in the third quarter. Analysts assume that the profits of the companies in the S&P 500 are on average almost a third higher than in the third quarter of 2020. But rising inflation and higher energy prices could cloud corporate outlook. Investors fear that the current inflation is not - as forecast by the leading monetary authorities - just a temporary phenomenon, but is leading to stagflation. Economists understand this to be the combination of inflation and a stagnating economy. It is a rare phenomenon and experts say that it is difficult for central banks to get out of such a phase. "The investors are now weighing how they should deal with the changed framework conditions," said chief analyst Jochen Stanzl from the brokerage firm CMC Markets. For better or worse, the stock market has to get used to an environment of higher inflation and higher interest rates. Dax and EuroStoxx50 also gave way on Monday. The price of US WTI oil rose at times by more than three percent to $ 82.18 per barrel (159 liters), the highest level since the end of 2014. The Brent variety from the North Sea rose to a three-year high from $ 84.60. In the course of the economic recovery, coal and gas prices have also risen significantly, making oil more attractive as a fuel for generating electricity and driving up prices on the crude oil markets. According to stockbrokers, there is no end to the rally in sight. "We see a very strong demand for energy in Asia and Europe before the coming cold season. As a result, oil prices will continue to rise in the near future," said Jim Ritterbusch, head of energy consulting firm Ritterbusch and Associates. Stockbrokers were eagerly awaiting the upcoming start of the quarterly reporting season. In the middle of the week, the US banks will allow them to view their books. The stocks of the US bank JPMorgan, which made the first premium of the American banks on Wednesday, and Goldman Sachs were among the biggest losers in the Dow Jones index with a loss of around two percent each. Southwest Airlines shares also flew out of the depots after the airline had to cancel en masse flights due to bad weather conditions. The title lost 4.2 percent. Tesla's titles, on the other hand, rose 0.8 percent. The electric car maker assumes that the first cars from the new plant near Berlin will roll off the assembly line this year, although there is still no official building permit for the factory.