Chinese tech companies crash on Wall Street | Financial


At around 7:30 PM (Dutch time), the Dow-Jones index moved 0.3 percent lower at 24,390 points. The broad S&P 500 was almost flat at 2947 points and Nasdaq technology exchange gained 0.3 percent to 9307 points.

Chinese Prime Minister Li Keqiang also announced at the National People’s Congress that the People’s Republic will not set an official target for economic growth this year. This indicates that the blow of corona crisis on the world’s one largest economy is major. Alibaba, Baidu and, all three Chinese tech companies with an American stock exchange listing, were up 5.5 percent.

Car rental company Hertz (minus 6.8 percent) seems to be getting increasingly difficult. Creditors have been unable to agree with the company on deferment, reports Bloomberg news agency based on insiders.

A number of companies also released quarterly figures. Those of chipmaker Nvidia could count on investor approval. The share was raised more than 3 percent after the company had sharply increased its turnover and profit.

Hewlett Packard Enterprise announced cost savings after disappointing results in the past quarter. The business supplier of IT systems and hardware was worth almost 11 percent less. Industry colleague IBM also announced a reorganization and lost 0.6 percent.

Deere lost 0.8 percent after opening the books. The tractor and other agricultural equipment manufacturer is cutting spending and investment to cope with the impact of the corona pandemic.

The euro was worth $ 1.0893, compared to 1.0897 when the European stock markets closed. A barrel of American oil cost 2.4 percent less at $ 33.12. Brent oil became 2.9 percent cheaper at $ 34.99.

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