NEW YORK (dpa-AFX) – After the long weekend due to the holiday, the US stock markets started the shortened trading week with clear losses. Traders pointed to comments from Fed Governor Christopher Waller that the US central bank is unlikely to cut interest rates as soon or as aggressively as markets previously thought.
The Dow Jones Industrial (Dow Jones 30 Industrial) last fell by 0.86 percent to 37,270.07 points on Tuesday. The market-wide S&P 500 fell by 0.56 percent to 4756.81 points. The technology-heavy NASDAQ 100 lost 0.38 percent to 16,769.36 points.
From a company perspective, attention is turning to the quarterly figures of other US banks after the first financial institutions started the reporting season for the final quarter of 2023 on Friday with mixed key figures and outlooks. Goldman Sachs exceeded market expectations with earnings and results, while Morgan Stanley disappointed. Goldman shares rose 0.1 percent, while Morgan Stanley shares lost 5.2 percent.
Apple shares lost 1.8 percent. The U.S. Supreme Court rejected a request from the tech giant to consider an appeal in an antitrust case challenging the company’s lucrative app store. The decision puts into effect an appeals court ruling that allows developers to steer iPhone users to cheaper purchasing options outside of Apple’s system. In addition, Apple is switching off the pulse oximeter in new computer watches in the USA after losing a patent case. This is a function for measuring blood oxygen levels. The medical technology company Masimo had obtained a US import ban on the Apple Watch. Their shares gained 1.5 percent.
Spirit Airlines shares lost almost half of their value. The reason was a court decision blocking the takeover of the airline by industry colleague Jetblue (JetBlue Airways). Spirit’s shares temporarily fell by more than 60 percent to a record low. Most recently they were down 48 percent. The Jetblue stocks, on the other hand, rose by 5.4 percent.
Among the smaller stocks, Applied Digital (Applied Blockchain) stocks fell by more than 22 percent. The provider of data center services missed market expectations with its figures for the second quarter./edh/he