Frankfurt Mixed corporate balance sheets dampened the mood on the US stock exchanges on Thursday. Tesla boss Elon Musk provided a topic of conversation with a takeover bid worth around 43 billion dollars for the short message service Twitter.
The Dow Jones index of standard values closed 0.3 percent lower at 34,451 points. The tech-heavy Nasdaq fell 2.1 percent to 13,351 points. The broad S&P 500 lost 1.2 percent to 4392 points. Before the long weekend, many investors no longer dared to come out of the cover. US stock markets will be closed on Good Friday.
“Not many individual investors or professional investors are now pushing into the technology space, particularly the highly valued technology space,” said portfolio manager Robert Pavlik of Dakota Wealth Management. “It’s the traders and algorithms that are taking advantage of the daily price swings, and that’s why you’re seeing these moves in tech stocks.” Shares in Amazon and Apple fell between 2.5 and 3 percent.
$54.20 per Twitter share
If Elon Musk has his way, Twitter could soon disappear from the market. The electric car pioneer, who is considered the richest man in the world, announced that he wanted to delist the social media service after a successful takeover. Musk is offering $54.20 per Twitter share. The course went up and down on Thursday. It peaked at $48.50. In the end there was a minus of 1.7 percent. Tesla shares fell 3.7 percent.
Top jobs of the day
Find the best jobs now and
be notified by email.
>>> Read here: Elon Musk’s billion-dollar offer for Twitter is met with skepticism by investors
In the financial sector, the large investment banks posted shrinking profits at the start of the year. Morgan Stanley was still up 0.7 percent as analysts feared worse. Goldman Sachs shares were down 0.1 percent. A slump in profits at Wells Fargo also alienated investors. The titles gave way more than four percent. “The banks are reflecting some of the concerns that investors have with the market in general,” said Rick Meckler, a partner at wealth manager Cherry Lane Investments. “Inflation has helped them on the revenue side, but hurt them on the expense side… Given what provisions they think they need to take, they’re not producing the earnings growth that markets have become very dependent on.”
US stock market expert Koch: “Investors on Wall Street lack the determination to buy”
UnitedHealth was able to surprise positively with its growth figures. The healthcare group scored with its sales growth. Growth was particularly strong at 19 percent in the Optum service division, which offers data analysis in healthcare, among other things. The papers gained more than three percent at times.
More: Gold benefits from weak stocks and bonds – price targets up to $2500