Tech giants press on US stock exchanges | Financial


Rising tensions between the United States and China are leaving their mark on stock market trading in New York. Now that Donald Trump is also targeting the Chinese internet giant Tencent with decrees, large American tech companies are now at a loss. At the same time, there is still no political agreement in Washington on a new support package against the corona crisis.

The Dow Jones index was 0.1 percent lower at 27,348 points around 7:45 PM (Dutch time). The broad-based S&P 500 lost 0.3 percent to 3340 points and tech exchange Nasdaq fell 1.2 percent to 10,969 points.

Heavyweights Microsoft and Apple fell by 2.4 percent after Trump’s attack on Tencent’s popular WeChat app. The ban on transactions with WeChat could, among other things, affect the sale of iPhones in China, because Chinese consumers will largely ignore the smartphones if the app is not running on them.

In Washington, Democratic Congressmen and the White House are discussing the size and form of a new stimulus package they want to get off the ground. An opening proposal from the Democrats to reach a compromise was rejected by Treasury Secretary Steven Mnuchin as unrealistic.

There was also attention for Uber, which fell by 5.4 percent. The company behind the eponymous taxi app had to deal with a drop in turnover for the first time in the past quarter and suffered a net loss.

Travel booking company Booking Holdings also came up with numbers and was hit hard by the corona crisis. The number of bookings with the parent company of the Dutch fell by 87 percent. The stock won 0.6 percent.

Biotechnologist Biogen shot up more than 8 percent. The company’s Alzheimer’s drug Aducanumab is being reviewed more quickly by the US drug authority FDA.

The euro was worth USD 1.1775, compared to USD 1.1789 at the close of the European stock markets. The price of a barrel of US oil fell 1.7 percent to $ 41.23. Brent oil became 1.5 percent cheaper at $ 44.43 a barrel.

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