The stock exchanges in New York closed the week with clear losses. Uncertainty about potentially over-advanced stock market prices for tech companies has long dominated sentiment, and investors are looking for direction. Big technology companies therefore went on sale. In addition, a new step was taken in the Chinese-American conflict around the apps TikTok and WeChat.
The Dow Jones index was 0.9 percent lower at 27,657, 42 points. The broad S&P 500 went down 1.1 percent to 3319.47 points and Tech Exchange Nasdaq also lost 1.1 percent to 10.793,28 points.
The US Department of Commerce announced that the film app TikTok and chat app WeChat, both owned by Chinese companies, will no longer be offered in US app stores from the next week. TikTok will have until November 12 to sell his American branch.
Apple and Google parent companies lost 3.2% and 2.4% respectively. Software company Oracle limited the loss to 0.7 percent. The company was about to make a deal with TikTok-owner ByteDance to remove American concerns about the management of personal data.
Companies in the travel sector were also in the red, now increasing prevalence rates in, for example, Western Europe are fueling fears of renewed travel bans. Delta Air Lines and American Airlines lost to 3.3 percent, while hotel site Booking dropped 3.1 percent.
For the last day of the trading week, strong currency fluctuations were expected in any case. Several types of options and forward contracts expired at the same time on Friday, which resulted in much more trade activity than average.
A barrel of American oil dropped 0.3 percent in price to $ 40.84. Brent oil dropped 0.9% to $ 42.91. The euro was worth 1,1845 dollars, compared with 1,1859 dollars at the end of the European stock exchanges.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.