ROUNDUP / New York Shares Close: Dow ends weak week deep in the red

NEW YORK (dpa-AFX) – US stock markets ended the weak week with significant losses. Disappointing quarterly reports from some tech groups clouded the recently improved investor sentiment on Friday. Stock market volatility remains high – said market expert Jim Reid from Deutsche Bank. to the recently strengthened US dollar and rising oil prices as an expression of increasing uncertainty.

it systematically crumbled in the course of trade and hastened its decline in final trade. Ultimately, there was a decrease by 2.77%. to 32,977.21 points, the lowest level since mid-March. This resulted in a weekly loss of about 2.5 percent for the leading US index. Dow’s balance sheet for the month of April is even gloomier, at about minus 5 percent.

The all-market S&P 500 lost 3.63 percent on Friday. up to 4131.93 points Nasdaq 100 fell by 4.47 percent. to 12,854.80 points, the lowest level in more than a year. The high tech index fell more than 13 percent in April, its worst monthly result since the 2008 financial crisis.

Fresh economic data from the US had little effect on prices. US consumer sentiment did not improve as much as expected in April. The University of Michigan’s Consumer Climate Survey rose 5.8 points to 65.2 points compared with the previous month. US consumer spending increased significantly in March. The labor cost index increased by 1.4 percent quarter on quarter in the first quarter.

Disappointing quarterly report from Amazon caused a drop in prices by over 14 percent. High costs caused the operating profit of the internet trading group to decline by 58%. The outlook for the current quarter was also considered a burden. Analysts successively lowered their price targets, but many of them did not want to overestimate the information in anticipation of a better second half of the year.

Other tech giants like Apple and interview there was a drop in prices of 3.7 percent and 6.9 percent, respectively, due to disappointing outlook. Although the iPhone manufacturer has exceeded expectations in its quarterly report, it has warned of stronger adversities. Apple could lose up to $ 8 billion in sales in the current quarter, mainly due to the Shanghai lockdown. The processor manufacturer Intel was considered a burden, with sales falling in line with the shrinking PC market.

Also outside the tech sector, after quarterly reports on Friday, more and more negative price reactions appeared. Chevron Oil Company Shares were sold 3.2 percent lower despite rising oil prices. At a competitor of ExxonMobil was minus 2.2 percent.

At Colgate-Palmolive there was a price reduction of more than 5 percent. High raw material and transportation costs hampered the work of a consumer goods producer in the first quarter. Honeywell’s shares are traded on the Dow were a positive exception with an increase of 1.9 percent after increased sales and profit prospects.

Tesla shares eventually lost 0.8 percent. after Elon Musk – founder and head of electric car manufacturer – announced that he had no plans to sell Tesla shares further. Musk sold Tesla shares worth $ 8.4 billion last week. In the fall, the richest man in the world already sold Tesla shares for more than $ 16 billion. Musk recently announced a short message service on Twitter want to take over and presented financial commitments of more than 46.5 billion dollars.

After the recent decline, the euro weakened it continued to rise in US trade and was recently traded at $ 1.0547. The European Central Bank set the reference rate at $ 1.0540 (Thursday $ 1.0485). The dollar thus cost 0.9487 (0.9537) euros.

US Treasury bonds continued their recent decline. The T-Note Future recently fell 0.37 percent to 118.92 points. The yield on 10-year government bonds rose to 2.92% / edh/he

Source: dpa-AFX

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