NEW YORK / LONDON (IT BOLTWISE) – US stock markets are off to a cautious start to the trading day after profit-taking and geopolitical tensions between the US and China weighed on the markets. The Dow Jones and NASDAQ 100 are expected to post slight losses, while positive corporate reports and the prospect of rate cuts by the US Federal Reserve provide some stability. The focus is particularly on the shares of Tesla and IBM, which are coming under pressure after disappointing quarterly figures.
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The US stock markets initially appeared weak on Thursday morning after profit-taking and geopolitical tensions between the US and China weighed on the markets in the middle of the week. The Dow Jones Industrial is expected to fall slightly by 0.2 percent to 46,489 points before the trading session, while the technology-heavy NASDAQ 100 could fall by 0.3 percent to 24,801 points.
On Wednesday, reports of possible new trade tensions between the USA and China led to a decline in prices. However, there are also positive signals: the corporate reporting season so far has been largely positive, and it is widely expected that the US Federal Reserve will cut interest rates further at its meeting next week, which could give the markets a boost.
The focus is particularly on Tesla shares, which fell by 3.9 percent before the trading session. The electric car manufacturer reported a significant drop in profits in the last quarter, which could not be compensated for despite a sales record and positive sales and cash developments. IBM also disappointed investors as revenue growth in its software division fell short of expectations, leading to an 8 percent share price decline.
On the other hand, T-Mobile US, a subsidiary of Deutsche Telekom, was able to acquire more mobile customers than expected in the third quarter and raised its annual forecast. Nevertheless, the shares fell by 1 percent because the group is planning higher investments. American Airlines, on the other hand, surprised positively with an optimistic profit outlook and recorded a premarket gain of 4 percent.
Oil and gas company stocks continue to benefit from rising oil prices, driven by new US sanctions on Russian oil companies and speculation about possible withdrawals from Russian crude by India and China. Exxon Mobil, Chevron and ConocoPhillips recorded price gains of up to 2 percent.
After the stock market closes, the business figures from Intel and Ford are expected, which could provide further impetus for the markets. Investors are looking forward to developments as earnings season and geopolitical factors continue to cause volatility.
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