Tech stocks remain the state of the art. Apple, Facebook, Microsoft continue to grow. Increasing pessimism about the economy, however, slowed down major flights on Wall Street. The labor market in particular disappointed hopes of a rapid economic recovery.
Premiums in the technology sector have helped Wall Street to gain slightly. The Nasdaq composite even marked a new record high later on. At the beginning of trading, economic worries had weighed on the indices, but these were pushed into the background somewhat during the course of the session. Of the Dow Jones Index gained 0.2 percent to 27,740 points. The broader one S&P 500 improved by 0.3 percent to 3386 meters. The more technology-intensive Nasdaq composite increased by 1.1 percent to 11,265 positions.
But investors were still hearing the economically skeptical statements of the US Federal Reserve from the previous day. In the minutes of their latest meeting, the central bankers had emphasized that the US economy needed more government support in order to cope with the Corona crisis. Negotiations between the Democrats and the Republicans about further aid measures have not progressed for weeks. And the hot phase of the presidential election campaign could become an additional obstacle to an agreement.
New US economic data could not alleviate the worries. The location on the labour market has clouded over again. The number of initial jobless claims rose again to over a million last week. Economists, however, had expected a decrease to 923,000. Also the Philadelphia Fed Index for August fell surprisingly significantly from 24.1 to 17.2 points in July. Of the Index of leading indicators for July, however, was slightly better.
Tesla skip the $ 2,000 mark
Below the individual values were Intel with a share buyback in focus. The chip company is using the slump in its share price to buy back shares for up to ten billion dollars by the end of the year. The Intel share rose 1.7 percent.
In the technology sector, stocks were from Facebook, Microsoft and Apple searched. The day before, the iPhone maker's market capitalization had risen above the $ 2 trillion mark for the first time. No other US company has ever been rated as highly. Apple shares gained another 2.2 percent, Facebook rose 2.4 percent and Microsoft 2.3 percent.
The Tesla stock continued to soar and jumped over $ 2,000 for the first time. At its peak, the papers were quoted at $ 2022. The current upward trend is mainly related to the announced 5-to-1 share split. The Tesla stock closed with a gain of 6.6 percent at 2002 dollars. After initial price losses and interim gains, the Nvidia share barely changed. The quarterly figures of the graphics chip expert had exceeded expectations in terms of profit and sales.
For the Curevac share, which only celebrated a brilliant debut on the stock market last Friday, it went up by 16 percent. The trigger is the news that the biotech company will equip the EU with a corona vaccine.
"Safe havens" sought further
Despite the slightly positive trend on the stock market, the uncertain economic outlook and the weak economic data of the day caused premiums for supposedly safe investments. In the bond market, rising prices depressed the ten-year yield by 3.3 basis points to 0.65 percent. Market observers also spoke of a countermovement after the previous day's losses.
gold rose after the latest setback by 1.2 percent to 1953 dollars a troy ounce. Ole Hansen, chief commodities strategist at Saxo Bank, spoke of increased volatility in the gold price, which has lost about $ 80 in the past two days. The willingness to take profits has increased.
In contrast, economic fears put pressure on oil prices. The reason was also referred to the oil storage data from the US Department of Energy from the previous day. The crude oil stocks had decreased in the previous week, but the data also showed that gasoline demand had fallen and oil exports had reached their lowest level in over a year. A barrel of the US grade WTI fell 0.7 percent to $ 42.62. The North Sea variety Brent was down 0.9 percent to $ 44.94.
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