Curevac explodes on debut: economic pessimism tarnishes Wall Street

With little change, Wall Street closes on the last trading day of the week. In the run-up to the talks between delegations from China and the USA, there is restraint. The big winner is vaccine developer and IPO Curevac.

Wall Street is suffering from growing doubts about a strong economic recovery from the effects of the corona. The U.S. Standard Values ​​Index Dow Jones barely moved on Friday and recorded at 27,931 points. The technology-heavy one Nasdaq (11,019) and the broad one S&P 500 (3372) also stagnated. The economic pessimism was fed by surprisingly weak figures on Chinese industrial production. US retail sales were also disappointing.

Consumers' willingness and financial resources to buy are key to a sustainable economic recovery, said Mark Luschini, chief investment strategist at wealth advisor Janney Montgomery Scott. Private consumption is considered to be the mainstay of the world's largest economy. At the same time, stockbrokers continued to wait in vain for movement in the dispute over new US economic aid.

One of the biggest losers on the US stock market was iQIYI with a Price drop of around 11 percent. The Chinese online video store has come under the US Securities and Markets’s sights after the company was accused of accounting tricks in an analyst study. This pushed Netflix rival's surprisingly strong numbers into the background. The investigation comes at a time when the US is threatening Chinese companies to be excluded from Wall Street for allegedly disregarding rules or blacklisting the TikTok video platform and the messenger WeChat. In the wake of iQIYI, the titles of the parent company, the Google rival, slipped Baidu down 6.3 percent.

The papers of Applied Materials rose against it by up to 4.6 percent. The chip industry supplier had presented a quarterly result on market expectations and an optimistic outlook. That doesn't come as a complete surprise, but it does underscore the need to have this stock in the portfolio, commented analyst Krish Sankar of asset manager Cowen. Celebrated in parallel CureVac a brilliant stock market debut. The stock exploded, closing at $ 54.26, more than tripling its issue price.