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The Stock Exchanges in New York Started With Losses on Tuesday

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The stock exchanges in New York started with losses on Tuesday. Investors are wary of the European Commission’s forecast that the economy will go through a deeper trough this year than previously forecast.

 

Furthermore, Germany reported a weaker than expected figure for the industry. Concerns about the impact of the crisis on the economy are, therefore, an issue again, particularly because the number of infections is still increasing rapidly in the US.

Shortly after the opening bell, the Dow-Jones index was 0.8 percent lower at 26,076 points. The broad-based S&P 500 fell 0.5 percent to 3,164 points, and technology exchange Nasdaq lost 0.2 percent to 10,414 points.

According to Brussels, the eurozone economy will contract even more than previously estimated. In large eurozone economies such as Italy, Spain and France, the negative will double. The recovery in Europe will also be less reliable, according to the committee.

In the first minutes after the start of trading, United Airlines and American Airlines took a clear step back, minus to almost 5 percent. The aviation sector is under pressure after an increasingly loud call to reverse the relaxation of corona measures.

Biotechnology company Novavax, in turn, made a price jump of almost 37 percent. The company seems well on the way to developing a corona drug and received $ 1.6 billion from the US government for further research.

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