Tuesday, June 8th 2021
3.4 percent inflation expected
Wall Street is on hold
New inflation data are on the program in two days: this is how long investors are exercising genteel restraint. Especially since the indices on the New York Stock Exchange remain in the range of their record highs. However, the vaccine manufacturers are experiencing a crash.
The US stock exchanges barely moved until the close of trading. According to experts, the markets are currently still being supported by the recovery of the world’s largest economy and the restraint of the US Federal Reserve’s monetary policy. The environment will therefore remain risk-friendly for the time being. At the same time, however, inflation concerns, high ratings and inequalities in the global introduction of vaccines are present dangers that could come back to the fore at any time, it warned. New inflation data are expected for Thursday, and an increase to 3.4 percent is considered possible. The Dow Jones Industrial was down 0.09 percent to 34,599.8 points. Its record high of almost 35,092 points, reached around a month ago, is still within reach. The S&P 500 increased by 0.02 percent to 4,227.2 points. The technology-heavy one Nasdaq 100 rose by 0.06 percent to 13,810.8 points.
Among the individual stocks in the Dow were the stocks of Chevron Front runner with plus 0.9 percent. The oil prices, which are rising again, are likely to have played into the oil producer’s cards, because too ExxonMobil in the S&P 100 increased by 1.8 percent and ConocoPhillips increased by 1.1 percent. Apple stocks gained 0.7 percent. The iPhone manufacturer’s shares benefited from positive analyst comments after the Worldwide Developer Conference (WWDC).
Boeing shares closed almost unchanged at plus 0.04 percent. The aircraft manufacturer reported orders for 73 aircraft in May, the majority of which (61) were for Max models. Taking into account cancellations and rebooking, Boeing brought in 20 new orders in the past month. Tesla fell 0.3 percent on the Nasdaq 100 after initial gains. In May, the electric car pioneer was able to make up noticeable ground again in the recently problematic Chinese market. It remains to be seen whether the recovery can be sustained. Tesla bypasses local car dealerships with its sales model and relies on online customer orders. Due to longer delivery times, the deliveries therefore reflect the demand from possibly a few months in advance.
Vaccine stocks weaken
The focus was again on the shares of corona vaccine manufacturers. Curevac lost 12.6 percent on the Nasdaq after significant gains the previous day. The approval of the corona vaccine from the Tübingen company is taking longer than expected. Now it is said that there will be no Curevac vaccine before August. Approval was most recently expected in June. The papers of other corona vaccine manufacturers also weakened. So sank Biontech shares by 7.4 percent and Modern stock by 3.0 percent. Johnson & Johnson lost 0.9 percent and Pfizer 0.4 percent.
The shares of Fastly increased by a further 11 percent. The web service provider said he was able to fix the problems after numerous websites around the world were temporarily unavailable this Tuesday due to the malfunction at Fastly. Affected were among others the website of the British government and the news portals of the Guardian, the New York Times, the Financial Times and the French newspaper Le Monde.