NEW YORK (dpa-AFX) – On the US stock market, the leading index Dow Jones Industrial (Dow Jones 30 Industrial) continued its recent losses at the start of the month and fell slightly further. Given the ongoing uncertainty about the future monetary policy Fears of rising interest rates continued to weigh on the stock market on Monday. The mood in the industry surprisingly brightened in September. This could prompt the central bank to raise key interest rates again in the fight against inflation. However, there was relief that a budget freeze was averted at the last moment.
The Dow lost 0.22 percent to 33,433.35 points. The market-wide S&P 500 gained 0.01 percent to 4288.39 points. The technology-heavy selection index NASDAQ 100 rose by 0.83 percent to 14,837.57 points. He was able to buck the weak trend thanks to gains from heavyweights like Microsoft and Apple.
Congress prevented an impending government shutdown on Saturday. Just a few hours before the deadline, the Senate voted for the bill with a bipartisan majority after the House of Representatives, thereby averting a so-called shutdown. However, the budget only grants a short delay until mid-November – so the dispute over a new federal budget between the Democrats and the Republicans has only been postponed.
At the end of the Dow, shares of the conglomerate 3M remained under pressure and fell by 3.6 percent. At the top of the index, the shares of the health insurer UnitedHealth rose by 2.1 percent.
After initial losses, Tesla shares turned positive and closed 0.6 percent higher. The electric car maker delivered fewer cars than expected in the third quarter. Tesla referred to production interruptions to replace machines in factories. However, analyst Colin Rusch from the analysis firm Oppenheimer is of the opinion that concerns about excessive inventories in the sales channels are now being alleviated, as deliveries exceeded production in the third quarter.
Tesla’s competitor Rivian (Rivian Automotive) exceeded expectations with its deliveries, but disappointed with its outlook. The shares lost 2.6 percent.
The securities of some companies involved in cryptocurrencies benefited from Bitcoin rising to its highest level in around six weeks. Riot Platforms stocks climbed 5.9 percent.
Cryptocurrencies such as Bitcoin received support from the prospect that many major central banks are heading towards the end of their interest rate hikes. Further increases cannot be ruled out, for example in the USA. However, only a few additional steps, if any, are expected. Investors hoped that the monetary policy headwinds on both sides of the Atlantic could continue to ease, said crypto expert Timo Emden.
The euro fell to the level of December last year and was last quoted at 1.0481 US dollars. The European Central Bank had set the reference rate at 1.0530 (Friday: 1.0594) dollars. The dollar therefore cost 0.9496 (0.9439) euros.
On the US bond market, the futures contract for ten-year bonds (T-Note Future) recently fell by 0.72 percent to 107.28 points. In return, the yield on ten-year papers rose to 4.69 percent./la/he