Stocks New York: Dow falls

NEW YORK (dpa-AFX) – The US stock markets have struggled to make further gains after stabilizing at the start of the week. Investors may be cautious about inflation data on Wednesday that could have a price-moving effect. On Tuesday, the industrials fell moderately by 0.4 percent to 40,670 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. Before the announcement, investors were once again cautious. Market expert Jean Boivin from the asset manager Blackrock noted that “market expectations of significant interest rate cuts by the Fed are exaggerated.”

The broad-based index recorded a small increase of 0.1 percent to 5,477 points. Meanwhile, the index, which is heavily influenced by technology stocks, rose by 0.4 percent to 18,740 points. The stock market barometer is based on the price gains of tech heavyweights such as Microsoft (NASDAQ:), Amazon (NASDAQ:) and AMD (NASDAQ:).

Oracle (NYSE:) is creating a good mood in the tech stock market world. The database systems specialist surprised investors the evening before with a collaboration with the 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 almost 15 percent to a record high. Amazon shares gained 2.5 percent.

Bucking the trend of rising tech stocks (NYSE:), Apple (NASDAQ:) fell slightly. In the dispute with the EU Commission over around 13 billion euros 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 6 percent. Goldman Sachs (NYSE:) and Citigroup are also under pressure.

Shareholders of HP Inc (NYSE:) Enterprise suffered share price losses of 7 percent. The information technology company announced the issue of mandatory convertible preferred shares valued at $1.35 billion.

Tesla (NASDAQ:) shares gained 2.3 percent to just over $221. Deutsche Bank (ETR:) recommended buying the shares of the manufacturer of electric cars and identified 40 percent upside potential.