Thursday, December 9th, 2021
After three days of winning
US investors are taking a breather
The Dow Jones remains stable, but there are no longer any strong price gains. New UK pandemic restrictions are beating sentiment in the crude oil market. Tesla is suffering from a collapse in the cryptocurrency Bitcoin.
After three days of price gains in a row, US investors are taking a breather. The default values index Dow Jones held at 35,754.69 points. The broad one S&P 500 slipped 0.7 percent to 4667.45 points, the technology-heavy one Nasdaq yielded 1.7 percent and fell to 15,517.37 points.
The current setbacks are only about profit-taking, said Peter Cardillo, chief economist at the Spartan financial adviser. The announcement by the pharmaceutical company Pfizer that three doses of the coronavirus vaccine developed together with the German company Biontech are an effective protection against the newly discovered Omikron variant prevents a major sell-out.
On the other hand, new pandemic restrictions in Great Britain and other countries fueled fears of lower demand on the crude oil market. The downgrading of the creditworthiness of the ailing real estate company China Evergrande and its also ailing smaller rival Kaisa also hit the mood. A crash of the Chinese real estate market could reduce the growth of the People’s Republic and thus the oil hunger of the world’s largest buyer, warned analyst Louise Dickson from the brokerage house Rystad.
Stricter EU requirements for driving and delivery services
Cryptocurrency investors were also nervous and pulled out Bitcoin back. The cyber currency fell to $ 47,878. Against this background, values from the cryptocurrency sector and companies that deal with the blockchain technology underlying Bitcoin & Co flew out of the depots. The titles of the electric car manufacturer Tesla and the software company MicroStrategy, who have invested billions in Bitcoin, fell 6.1 and 7 percent, respectively.
The titles of Above also came under pressure and lost 3.3 percent. The EU Commission is declaring war on the bogus self-employment of employees of transport services and food suppliers. According to a bill, companies should employ drivers, for whom they establish rules of conduct and determine payment, as employees, thereby granting them paid vacation, pension entitlements and a minimum wage. In Europe the papers of the “Foodpanda” operator gave Delivery Hero and the “Lieferando” mother Just Eat Takeaway 2 and 3.1 percent respectively.
Things went downhill for GameStop. The papers of the video game dealer, which caused a sensation at the beginning of the year with capricious prices, slipped by up to 10.3 percent. The company issued an order from the US Securities and Exchange Commission to release documents related to fluctuations in the share price. GameStop has sufficient reserves to finance the planned transformation of the business model, commented analyst Stephanie Wissink of the Jefferies investment bank. It is unclear whether these efforts will also be crowned with success.