Hardly any movement: Wall Street is staring at the election results

Traders are covered at the end of the week. The tough presidential election, rising corona numbers and, on the other hand, good labor market data are not giving any clear impetus.

After the recent rally, investors on Wall Street took a deep breath at the end of the week. The courses were more or less on the spot. Trading was supported by the better-than-expected US labor market report for October. In addition, a decision in the US election campaign seemed imminent – in favor of Democrat Joe Biden. The Dow Jones index ultimately fell 0.2 percent to 28,323 points. The broader S&P 500 lost one point while the Nasdaq composite gained four points.

In addition to the election thriller, the rapidly increasing coronavirus infections also moved more into focus again. For the first time, over 100,000 new infections were counted in one day in the USA. The virus is also spreading in Europe, with states responding with more or less strict lockdowns. This is likely to have a more negative impact on the economic recovery. US Federal Reserve President Jerome Powell had also warned of the consequences of the pandemic the evening before and saw the economic recovery process in danger.

The US labor market report provided a positive impetus. The number of new jobs created exceeded expectations. The unemployment rate fell to 6.9 percent. "The recovery in the US labor market continues, although the momentum continues to decline," says Helaba. In addition, there were still around ten million jobs missing compared to the time before the corona crisis. This is reason enough for the US Federal Reserve to stick to its extremely loose monetary policy or to take further measures if necessary.

Oil prices went down. The price drop allows several explanations, said Commerzbank. On the one hand, a victory Biden due to a probable rapprochement in the Iran conflict and a stronger focus on renewable energies would be more of a burden for the oil price in the long term. At the same time, it is unlikely that the next economic stimulus package will be approved by the old Senate this year. The price of a barrel of the US grade WTI fell 4.3 percent to $ 37.14, for Brent it was down 3.6 percent to $ 39.45.

The Gold price gave up most of its profits after the surprisingly good US labor market report. Still, the precious metal posted its strongest weekly gain since July. The price of the troy ounce was 0.2 percent higher at $ 1953. The US bonds fell after the recent strong premium – also burdened by the good US labor market report, it is said. The ten-year yield rose 5.6 basis points to 0.83 percent.

In terms of individual values, the shares of T-Mobile US up 5.4 percent. The company turned in and earned more in the third quarter than expected. The subsidiary of Deutsche Telekom therefore dares to do more in the current financial year.

The driving agent About also suffered from the measures taken to contain the coronavirus pandemic in the third quarter and again reported a billion-dollar loss. The numbers were somewhat below the analysts' expectations. The stock rose 6.9 percent after several analysts raised their price targets and reiterated their buy recommendations.

The hotel group is not as bad as feared Marriott cut off in the third quarter. The company pushed costs down hard and therefore burned less money than expected. The share improved by around three percent.

Farfetch jumped 12.4 percent after the Chinese Internet giant Alibaba and the Swiss luxury goods group Richemont announced their entry into the online retailer for luxury fashion.

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