Dow Jones is rising, tech stocks are less dragging

Source: Heise.de added 11th Nov 2020

  • dow-jones-is-rising,-tech-stocks-are-less-dragging

After a brilliant start to the week, the US leading index Dow Jones went a step further on Tuesday. It moved up by 0, 74 percent to 29. 420, 92 points before. The day before, the leading index had already reached a record high in early trading and was close to the 30. 000 points. He was driven by the prospect of an effective vaccine against the lung disease Covid – 19 and of the victory of the Democrat Joe Biden in the US presidential election.

Profit-taking from tech giants such as Amazon, Facebook, Microsoft and AMD pushed against it the technology-heavy Nasdaq exchange. So the Nasdaq 100 extended the losses from Monday, he lost another 1, 74 Percent on 11. 624, 29 counter. This could mean that the big players in the Internet, social media, software and semiconductors industries could lose their status as the driving force behind the stock exchanges for the time being, which they had in recent months.

The S&P 500 announced on Tuesday at 0, 14 percent on 3545, 53 points after. Like the Dow Jones, the market-wide stock market barometer had reached a record high the day before.

Amazon fell by 3.5 percent. According to the EU competition watchdog, Amazon violates antitrust regulations. The EU Commission accuses the company of systematically using non-public business data from independent retailers for its own retail business. If the competition watchdogs stick to their assessment, Amazon threatens a billions in fine.

The shares of the pharmaceutical wholesaler Walgreens Boots Alliance sat at the top of the Dow, they rose by 6.5 percent. The investment bank Morgan Stanley identified an additional sales potential of 8.5 billion US dollars for the company, should it play an important role in the distribution of a corona vaccine in the USA.

Biontech flying high Biontech papers rose by a further 7.6 percent after they had already been changed the day before 14 percent climbed. Pfizer lost 1.3 percent. Positive study results on a corona vaccine had driven the papers of the two cooperation partners and also the stock markets up strongly the day before.

The papers of Curevac traded in the USA advanced by more than twelve percent. They benefited from the interim results of a study on a Covid vaccine candidate from the biopharmaceutical company. Like Biontech, Tübingen-based Curevac is also working at full speed on a vaccine against the coronavirus.

The meat substitute manufacturer Beyond Meat suffered heavily from the corona crisis in the third quarter and clearly fell short of expectations. The bottom line was a loss of 19, 3 million dollars. The sales of the company, which is actually known for its rapid growth, only increased by a meager 2.7 percent. The shares plummeted by almost 17 percent.

Stable euro The euro was stable and was most recently listed at 1, 1807 dollars. The European Central Bank (ECB) previously had the reference rate at 1, 1808 (Monday: 1, 1883) US dollars. The dollar had thus cost 0, 8469 (0, 8415) euros. On the bond market, the prices increased the losses from the beginning of the week. The futures contract for ten-year Treasuries (T-Note-Future) fell by 0.2 percent to 137, 52 points. The yield on the ten-year bond rose accordingly to 0, 92 percent.

(olb)

Read the full article at Heise.de

brands: Amazon  AMD  Microsoft  Stanley  
media: Heise.de  
keywords: Amazon  Election  Facebook  Internet  Software  

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