NEW YORK (dpa-AFX) – After a weak start to the week, stock prices on Wall Street mostly fell on Tuesday. Heavyweights such as Apple, Amazon and Tesla were under pressure, especially on the technology-heavy Nasdaq stock exchange. The NASDAQ 100 index lost 0.73 percent to 11,503.45 points.
The leading index Dow Jones Industrial (Dow Jones 30 Industrial), on the other hand, was virtually stationary at 33,852.53 points. On Monday, the wave of protests in China weighed heavily on prices. She fueled concerns about another economic setback and production disruptions.
At the end of last week, the Dow had risen to its highest level since April. The market-wide S&P 500 fell 0.16 percent on Tuesday to 3957.63 points.
The market has speculated that the recent protests in China against the strict corona restrictions could prompt the Chinese authorities to ease their zero-Covid policy more quickly. China probably wants to push vaccinations of older people more strongly.
Meanwhile, the speech by US Federal Reserve Chairman Jerome Powell, which is scheduled for Wednesday, is becoming more and more important. Investors are awaiting indications of a potentially less aggressive future monetary policy the fed Before the weekend, the economic highlight of the week is also due with the labor market report for November.
At the end of the Dow, Apple shares lost a good two percent. TF International Securities analyst Ming-Chi Kuo warned that the protests in China could weigh on iPhone 14 Pro and iPhone 14 Pro Max shipments.
Depository receipts (ADRs) from Chinese stocks listed in New York, such as those from the online retailer Alibaba Group (Alibaba) and JD.com (JDcom), reacted to speculation about China with premiums of up to almost seven percent. Chinese internet stocks Baidu (Baiducom) and Pinduoduo also made strong gains.
The shares of the logistics company UPS (United Parcel Service) benefited from a new buy recommendation by Deutsche Bank with a plus of 2.7 percent.
The shares of the US health insurer UnitedHealth lost almost one percent. The company’s forecast for earnings per share in the coming year fell slightly short of market expectations.
The euro gave back initial gains to trade at $1.0326 in late US FX trading. The European Central Bank (ECB) had set the reference rate at 1.0366 (Monday: 1.0463) dollars. The dollar had thus cost 0.9646 (0.9557) euros.
US government bonds fell. The futures contract for ten-year bonds (T-Note Future) lost 0.25 percent to 112.64 points. Ten-year Treasuries returned 3.76 percent./bek/jha/
— By Benjamin Krieger, dpa-AFX —