Wall Street current: on recovery course after Evergrande setback

Trader on the New York Stock Exchange

Investors are using the latest price setbacks to re-enter.

(Photo: dpa)

Frankfurt, New York Investors on Wall Street have pushed worries about the crisis group China Evergrande aside and used the recent price setbacks to re-enter. The Dow Jones index of the standard values ​​and the broader S&P 500 rose on Tuesday in the course of trading by around half a percent each. The index of the technology exchange Nasdaq climbed in the meantime by 0.7 percent to 14,810 points.

Several topics came together that led to the sell-off of stocks at the start of the week, said manager Andre Bakhos of New Vines Capital. “Since the market has marched up, there is always concern about when the music will stop.” In addition to worries about the delta variant of the corona virus and sluggish economic growth, the fear of a possible default in China’s second largest is said to be Real estate developer Evergrande came.

Investor focus turned increasingly to the results of Wednesday’s Federal Reserve (Fed) meeting. Stock traders expect that while the Fed will lay the groundwork for dismantling its support measures, the actual announcement will be postponed until the November or December meetings.

Report on takeover of billions in the gaming industry

Meanwhile, a billion-dollar takeover is looming among providers of games of chance and sports betting. The US group Draftkings wants to buy the British competitor Entain (formerly GVC). The advertised group, which also includes the sports betting provider bwin, which is well-known in Germany, confirmed on Tuesday in Douglas (Isle of Man) that it had received an offer that had previously been reported by the TV broadcaster “CNBC”.

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Entain did not provide any information about the amount of a possible bid. It is also not certain whether there will be a formal command at all. According to information from “CNBC”, the volume of the bid should amount to around 20 billion US dollars (the equivalent of 17 billion euros). Entain shares soared 18 percent.

According to the Bloomberg news agency database, there are currently just under 587 million Entain shares. In a $ 20 billion offer, a share in Entain would therefore be valued at almost 2500 pence, with the valuation depending on the share share of the offer and the development of the Draftkings paper.

The US broadcaster’s report boosted other gambling stocks. The papers of the potential buyer Draftkings, on the other hand, temporarily fell by more than five percent in New York. Draftkings most recently had a market capitalization of just over $ 21 billion.

Look at individual values

Above: The Uber shares temporarily gain more than twelve percent. More than a decade after it was founded, Uber has the prospect of its first operating profit – at least after deducting various costs. The driver service operator burned billions of dollars on its global expansion with the promise of later profits. Uber announced on Tuesday that it was in the black on an adjusted basis before interest, taxes, depreciation and amortization in the months of July and August.

Apple: Apple shares rise 0.8 percent over the course of trading. The “Wall Street Journal” reported that the technology company is working on iPhone functions to detect depression, for example. The functions would use very special sensor data.

Big LotsBig Lots stocks fell more than five percent at times after Piper Sandler downgraded the retailer from overweight to neutral. The company said the end of fiscal stimulus would hurt big lots.

More: Evergrande share crashes – Bitcoin and Ether also lose.

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