The American stock exchanges are closed on a rotating Friday. the Dow Jones Index and the S & P 500 decreased due to the pressure of heavyweights like IBM and Intel that both lost. Tech index Nasdaq left a little extra to the Friday market.
Technology company IBM was sold out by investors after a quarterly update. Last year’s closing quarter turnover was deeper than what investors took into account and the stock lost almost 10 percent.
Intel also went down. The chip maker came up with better than expected quarterly figures due to the demand for chips for computers and data centres as a result of much more work at home. Also the roll-out of 5G networks did the company well. While Intel was widely expected to subcontract a large part of the production and thus save costs, the new CEO Pat Gelsinger seemed to want to continue to do a large part of the production itself. Intel was down 9.3 percent.
Compared to the two major losers, there were pluses at tech giants like Microsoft (plus 0.4 percent), Apple (plus 1.6 percent) and Facebook (plus 0.6 percent). Oil funds did badly because of the expectations that corona will prolong the recovery of the economy in the United States and Europe. ExxonMobil and Chevron dropped to 1.4 percent.
The leading Dow Jonesex index closed with a minus of 0.6 percent at 30,996. 98 points. The broad Composite S & P 500 dropped 0.3 percent to 3841.47 points. Tech Exchange Nasdaq thickness 0.1 percent up to 13,543, 06 points.
Maurice Esma, a co-founder of EconomicInform is a freelance journalist with the expertise in international finance and corporate rights. The author can be reached by email maurice.eisma@economicinform.com
