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Wall Street goes deep red into the weekend

Wall Street goes deep red into the weekend. At least the vaccine manufacturer Curevac is getting back on its feet a little.

Wall Street goes deep red into the weekend
Yazar: Tom Roberts

Yayınlanma: 19 Haziran 2021 20:44

Güncellenme: 6 Kasım 2024 06:24

Wall Street goes deep red into the weekend

Wall Street ended a weak week clearly in the red. On the day options on indices and individual stocks expired, there was hardly anything to be gained by investors. The mood was weighed down by comments from the President of the St. Louis Fed, James Bullard, who spoke out in favor of a US rate hike as early as 2022. That would be much earlier than the two hikes promised by the US Federal Reserve on Wednesday towards the end of 2023. The Dow Jones Industrial closed almost at the daily low with a minus of 1.58 percent at 33,290.08 points. This was the fifth weak trading day in a row and the lowest level since the beginning of April. The US leading index thus posted a weekly loss of almost three and a half percent. The S&P 500, which represents the broad market, lost 1.31 percent to 4166.45 meters. The tech-heavy Nasdaq 100 fell 0.81 percent to 14,049.59 points. The day before he had set another record with just over 14,200 points. On an expiry day, prices can fluctuate noticeably without significant company or economic news. The reason for this is that larger fund or asset managers in particular try to move the prices in the direction they want when the contracts expire. From an industry perspective, energy and financial stocks were particularly under pressure. The papers of the insurer AIG and the investment bank Morgan Stanley fell by 3.9 and 4.4 percent, respectively. The stocks of the major bank JPMorgan lost 2.5 percent. The shares of the oil company Chevron sagged as the Dow bottom by 3.8 percent. On the corporate side, the shares of Adobe Systems came up with a price gain of 2.6 percent and another record high. The software company's figures for the second quarter clearly exceeded expectations. According to DZ expert Ingo Wermann, they were "convincing across the board". Adobe is profiting from the relocation of advertising budgets to the Internet and from increasing investments, emphasized the expert.
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