Pause At New York Stock Exchanges After Breaking Records

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The stock markets in New York are taking it easy after the new records set on Monday. After the Easter weekend, investors raved about a new report on the US job market.

 

Now the focus is on new growth estimates for the global economy.

The International Monetary Fund is more optimistic about recovering the world economy after the blow of the corona crisis last year. The fund expects the global economy to grow by 6 percent this year. In January, a growth of 5.5 percent was still forecast. However, the IMF warned that the growth rate would not be evenly distributed.

The Dow Jones index, which reached its highest level on Monday, fell 0.2 percent in the first trading minutes to 33,456 points. The broad S&P 500 was also 0.2 percent below its record from the day before and stood at 4,071 points. Tech exchange Nasdaq lost 0.1 percent to 13,692 points.

ViacomCBS was up 1.6 percent, despite the large amounts of shares in the company being sold off by CreditSuisse due to the debacle with investment fund Archegos. Due to risky investment behaviour, that fund was no longer able to meet its financial obligations towards several banks. The Swiss lender is now dumping many shares that were given as collateral on the market.

Tax experts expect the technology sector and pharmaceuticals to be particularly affected by US President Joe Biden’s tax reform. Despite this, concerns such as Amazon and Facebook and large pharmaceutical companies such as Johnson & Johnson and Merck remained relatively unmoved.

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