ROUNDUP/Stocks New York close: Dow gives way

NEW YORK (dpa-AFX) – The US leading industrial index struggled to make further gains on Tuesday after stabilizing at the start of the week. Investors remained cautious ahead of inflation data on Wednesday that could have a strong impact on prices. The Dow fell moderately by 0.23 percent to 40,736.96 points.

Stocks from the tech sector, on the other hand, were supported by good news from Oracle (NYSE:). The value determined by technology stocks is up 0.90 percent to 18,829.14 points. Heavyweights such as Microsoft (NASDAQ:), Amazon (NASDAQ:) and AMD (NASDAQ:) strengthened the index. The broad-based index recorded an increase of 0.45 percent to 5,495.52 points.

The consumer prices for August, which are due to be released on Wednesday, are likely to influence the interest rate decision of the US Federal Reserve in the coming week. Market strategist Jean Boivin from asset manager Blackrock noted that “market expectations of significant interest rate cuts by the Fed are exaggerated.”

Oracle is creating a good mood in the tech stock market world. The database systems specialist surprised investors the evening before with a collaboration with Amazon subsidiary AWS: Oracle databases are to run more frequently on the market leader’s cloud platform in the future. Oracle shares then shot up by 11.4 percent and reached a record high. Amazon shares gained 2.4 percent.

Against the trend of rising tech stocks (NYSE:), Apple (NASDAQ:) fell slightly. In the dispute with the EU Commission over billions in back taxes, the technology group suffered a final defeat before the European Court of Justice. The judge in Luxembourg overturned a previous ruling in Apple’s favor and ruled in favor of the Brussels authority.

Shares of JPMorgan (NYSE:) came under pressure, and in their wake the shares of other investment banks also fell. JPMorgan President Daniel Pinto said that analysts were too optimistic about the bank’s costs and results in 2025. Investors then sold the shares, which fell by 5.2 percent. Goldman Sachs (NYSE:) and Citigroup are also under pressure.

Shareholders of HP Inc (NYSE:) Enterprise had to cope with share price losses of 8.4 percent. The information technology company announced a capital measure with a volume of 1.35 billion dollars.

Tesla (NASDAQ:) shares gained 4.6 percent. Deutsche Bank (ETR:) recommended buying the shares of the manufacturer of electric cars and identified 40 percent upside potential.

The euro remained unchanged in New York trading and was last traded at 1.1027 US dollars. The European Central Bank had set the reference rate at 1.1031 (Monday: 1.1043) dollars. The dollar thus cost 0.9065 (0.9055) euros. Prices rose on the US bond market, with the forward contract for ten-year government bonds () increasing by 0.33 percent to 115.42 points. The yield is therefore 3.64 percent.