Despite record mood on Wall Street: shares of Curevac and Biontech wobble

Despite the record mood on Wall Street
Stocks of Curevac and Biontech wobble

It goes further up on the US stock exchanges. The Dow Jones Index marks a new record high and rises above 34,500 points for the first time. Powerful boost comes from surprisingly positive job data. The stocks of vaccine manufacturers – including two German ones – had a less good day.

The Wall street ended a changeable trading day with profits. The stock markets continued to move in the field of tension between robust economic data and the associated speculation about a tighter monetary policy by the US Federal Reserve. The Dow Jones even has one Record high reached. By contrast, the Nasdaq laggedIndices once again lagging the broad market after they had risen sharply in the course of the corona pandemic.

S&P 500 Index, Ind. 4,202.41

The Dow Jones Index rose 0.9 percent to 34,547 points that S&P 500 gained 0.8 percent. The Nasdaq Composite go 0.4 percent into the red. The very good quarterly reporting season ensures that the indices are at their all-time highs. According to data from Refinitiv, of the 376 companies in the S&P 500 index that have reported so far, 86.7 percent have outperformed analysts – more than ever before.

The weekly Labor market data were significantly more positive than expected. Should the official labor market report on Friday turn out to be robust and confirm that the US economy is recovering dynamically, this could fuel speculation about overheating and thus automatically about a possible premature tightening of monetary policy.

Atlanta Fed President Raphael Bostic said he would not be surprised if the number of job openings reached one million. And Dallas Fed President Robert Kaplan once again called for a debate on scaling back bond purchases. Meanwhile, the yields on ten-year government bonds were somewhat easier.

Vaccine stocks keep falling

The stocks of Covid-19 vaccine manufacturers continued under heavy pressure after the US government voted on Wednesday to temporarily suspend patent protection for corona vaccines. The EU has shown itself to be open to discussions about this. Biontech fell by a further 1.6 percent after the previous day’s heavy losses, Curevac by 7.2 and Pfizer by 2 percent.

For Moderna it also went down by 1.4 percent. The fact that the vaccine manufacturer reported a quarterly profit for the first time, which was also higher than analysts expected, did not help. Net income reached $ 1.22 billion after a loss of $ 124 million in the first quarter of 2020.

Kellogg also beat market expectations, with shares gaining 7 percent. The payment service providers have convincing business figures Paypal and the online game provider Zynga submitted. PayPal shares are up around 2 percent, Zynga by almost 6 percent. Over lose more than 8 percent – the shares suffered from the fact that the US government wants to reverse a decision by the previous government that Uber drivers are considered independent subcontractors. This takes a back seat to the fact that the transport service provider managed to limit its loss more than expected in the first quarter.

Gold surpasses the $ 1,800 mark

On the foreign exchange market, the dollar Weakness, the dollar index lost 0.3 percent. The increased willingness to take risks weighed on the US currency. The Oil prices gave in after their recent soaring, also depressed by doubts whether demand will increase in the face of the corona pandemic in India, for example. In addition, Opec + has started to expand funding.

On the other hand, recovered gold and rose above $ 1,800 a troy ounce for the first time since late February. This was supported by the weak dollar, but also by yields, which remained well below their March high.

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