New York At the end of a golden November stock market, investors in the US took profits. The US leading index lost 0.9 percent on Monday to 29,639 points. The technology-heavy Nasdaq lost 0.1 percent to 12,199 points and the broad S&P 500 lost 0.5 percent to 3,622 points. On a monthly basis, however, it was the Dow’s strongest monthly percentage gain since January 1987, up nearly twelve percent. The S&P and Nasdaq posted their highest monthly gains since April.
“The sale is on after such strong profits,” said Peter Cardillo, chief economist at Spartan Capital Securities. On a monthly basis, however, the hope that a corona vaccine would be approved quickly brought the US stock exchanges to strong price gains. On a monthly basis, the S&P 500 gained a good eleven percent – more than ever in November.
Investors are betting that the economy will quickly regain momentum after a corona vaccine has been approved. Before Christmas, two drugs could be released for use in the US, said US Health Secretary Alex Azar after Moderna announced that it would apply for approval on Monday. Moderna shares soared 20 percent and were higher than ever before.
“We’re seeing some caution and some apprehension (…) The focus will continue to be on vaccines and their distribution, business news and whether interest in cyclicals continues,” said Robert Pavlik, portfolio manager at Dakota Wealth .
Most recently, stocks from sectors that pick up again immediately after a recession, such as energy, industry and financials, have been in demand. A corresponding value index rose in November after trailing technology and other growth stocks in previous months.
US election winner Joe Biden and Vice President-elect Kamala Harris are due to receive their first secret presidential daily briefing on Monday, the first step in handing over responsibility for the most sensitive intelligence information to a new government. This is seen as the first step towards a sensible handover of the presidency.
Individual values in focus
Nikola: There was new bad news on Monday from the electrical start-up Nikola. The planned cooperation with General Motors will be significantly smaller than planned, said Nikola. GM actually wanted to take an eleven percent stake in Nikola and also build the Nikola Badger electric pick-up truck. But nothing comes of it.
After an attack by the shortseller Hindenburg Research, the start-up came under pressure and founder Trevor Milton had to vacate his position. GM is now only ready to sell fuel cells to Nikola, it said. The stock, which was once classified as the new Tesla by investors, lost around 25 percent in New York trading. Since the all-time high in June, the paper has lost around 70 percent of its value.
Tesla: The electric carmaker’s share jumped above the $ 600 mark for the first time since its share split in August. But then profit-taking began, most recently the papers were traded more than three percent in the red.
Slack and Salesforce: Slack shares soared 5.4 percent. According to insiders, the SAP competitor Salesforce wants to incorporate the office chat provider Slack. According to a report, the deal could be announced on Tuesday after the market closes. The Salesforce titles fell 0.7 percent.
S&P Global and IHS: The share price of the data giant S&P Global rose by almost three percent. The company plans to take over IHS Markit for $ 44 billion. The shares of IHS gained a good seven percent.
Oil companies: The shares of the big oil companies like Chevron, Occidental Petroleum and Conoco Phillips lost between 4.5 to 7.5 percent. The reason was the decline in crude oil prices due to the uncertainty as to whether the countries of the oil cartel Opec plus would agree to an extension of the extensive production cuts in talks this week.
Macy’s und Best Buy: The prices of the retail chains Macy’s and Best Buy slipped almost six percent and around three percent. The fear of an increase in Covid-19 cases dampened the enthusiasm for trips to the shopping center on “Black Friday”. The number of buyers was lower than expected last Friday.
More: The rally on the German stock market can continue