Losses on US stock exchanges – oil price rally worries investors

New York (dpa) – On Wall Street, investors lost their courage after the good week before. The most important stock indices lost initial gains during trading on Monday and closed in the red.

There are still concerns that the ongoing oil price rally could lead to energy bottlenecks and stifle the global economic recovery from the corona pandemic.

The US leading index Dow Jones Industrial dropped by 0, 72 percent to 4361 496, 06 points after. The S&P 500 fell by 0, 69 percent to 4361,19 Points. For the technology-heavy Nasdaq 100 it was 0, 72 percent to 14 713, 73 Points down.

With a view to the individual values, companies from the energy and oil sectors were particularly in demand due to the current raw materials bull market. Among the best titles in the S&P 500 Schlumberger, Halliburton, Freeport-McMoran and Enphase Energy rose by two and a half to four and a half percent.

Tense Supply situation in the energy sector

A major price driver on the oil market is the strained supply situation in the energy sector as a whole. Because the prices for gas and coal have risen sharply in recent months, oil is increasingly being considered as an alternative for generating electricity. This is also driving oil prices up.

Commodities expert Carsten Fritsch from Commerzbank does not want to rule out a further shortage of supply on the oil market. He referred to the recent decision of the Opec + oil network not to increase the production volume more than planned despite the current bottlenecks. According to the expert Fritsch, oil prices should continue to rise in the short term.

Meanwhile, Southwest Airlines’ shares have lost more than four percent. The airline had to cancel flights at the weekend due to bad weather and staff shortages 1800 – that was at least 30 percent of all planned flights of the airline.

Euro at 1, 1551 US dollars

The automotive supplier Aptiv is meanwhile also suffering how many competitors under the general shortage of semiconductors in the industry. As a result, the company had to revise its sales forecast downwards. The shares fell by around three percent by the end of trading.

Hasbro’s shares fell 1.6 percent. The toy manufacturer’s share certificates apparently suffered from the fact that company boss Brian Goldner is now taking a break for health reasons.

The euro was quoted at 1, 1551 US -Dollar. The European Central Bank had set the reference rate at 1, 1574 (Friday: 1, 1569) dollar. The dollar cost 0, 8640 (0, 8644) euros. There was no trading in the US Treasury bond market. The reason was the holiday “Columbus Day”.

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