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Dow is powerless - tech stocks fall, BioNTech and Moderna incur heavy losses

Dow is powerless – tech stocks fall, BioNTech and Moderna incur heavy losses

US stock markets exited the week with no direction. While record values ​​on Wall Street continued their upward movement in the past trading days, technology stocks traded on the Nasdaq index continued to dive after the recent recovery.

The Dow closed on Monday, gaining 0.21 percent at 34,869 points. However, the broader S&P 500 index fell 0.3 percent to 4,443 metres. The technology-heavy Nasdaq 100 index lost 0.8 percent to 15,205 points.

In the US, durable goods orders rose significantly more than expected in August. Orders rose 1.8 percent from the previous month. It is the fourth increase in a row. Analysts expected an average growth of just 0.6 percent.

Oil prices continued their upward trajectory last week. This was justified by production losses in the Gulf of Mexico due to Hurricane Ida and an unexpected drop in production in the OPEC producing countries in the past few months.

Experts from Goldman Sachs raised their forecast for oil prices by the end of the year by between 10 and 90 dollars. She said the global supply deficit is much larger than expected, while the economy is recovering faster than expected from the Covid-19 Delta variant.

Among the individual stocks, oil stocks were among the best accordingly. Chevron securities in Dow Jones rose about 2.4 percent. Exxon Mobil shares rose 3.0 percent and ConocoPhillips 2.6 percent.

Wells Fargo shares fell 0.8 percent. The bank reached a settlement with the US Department of Justice for $37 million. Wells Fargo has been accused of charging exorbitant rates over several years from customers who have used the bank’s foreign exchange services.

Vaccine manufacturers BioNTech and Moderna have suffered painful losses. Newsless, titles were eight or five percent cheaper (read the article here).

(with material from dpa-AFX)