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Mid-session analysis AOF Wall Street – Sluggish start to the week in US financial markets

(AOF) – After the nice rebound on Friday, Wall Street started to fall again on Monday. This gloomy trend is fueled by investor fears about global economic growth. Concerns fueled by the disappointing indicators released in China, whether retail sales or industrial production in April, but also by the Fed’s monetary tightening cycle. Moreover, the “Empire State” index was clearly disappointing. Around 5:20 p.m., the Dow Jones fell 0.42% to 32,059.85 points and the Nasdaq Composite lost 1.11% to 11,672.31 points.

The soft approach having given nothing, JetBlue Airways (-5.47% to 9.51 dollars) goes on the attack. The American airline has launched a hostile takeover bid for its competitor Spirit Airlines (+9.98% to 18.67 dollars). The offer price is $30 per share, all in cash, representing a 77% premium to last Friday’s closing price and valuing the $3.3 billion target. Faced with Spirit’s lack of cooperation, JetBlue decided to lower its offer from the $33 per share previously offered.

Today’s economic figures

The manufacturing index (“ Empire State ”) of the New York Fed came out at -11.60 in May 2022, against 24.60 the previous month and a Briefing.com consensus of 15.

The values ​​to follow today

Ford Rivian

Ford sold 7 million Rivian shares. The American automaker took in $188.2 million. The selling price was $26.88 per share. This is shown by a stock market notice published on Friday. In pre-opening on Wall Street, Rivian fell 0.6%.

McDonald’s

McDonald’s has said it wants to pull out of the Russian market following Russia’s invasion of Ukraine, and has begun the process of selling its entire portfolio of restaurants. The fast food giant is looking to sell the business to a local buyer and is anticipating a charge of $1.2 billion to $1.4 billion. The group had been present in the country for 30 years.

Pfizer/BionTech

The European Commission has reached an agreement with Pfizer and BioNTech to establish a new delivery schedule for their Covid-19 vaccine in its current or future updated version. The new schedule now provides for delivery of doses from September and no longer in June, and during the autumn and winter 2022 period.

You’re here

Tesla is reportedly delaying its plan to bring production at its Shanghai factory back to pre-lockdown levels in the Chinese city following the new wave of Covid by at least a week. This is shown in an internal document consulted by Reuters. The news agency adds that the firm of Elon Musk intended to increase its production on site to 2,600 vehicles per day from Monday. In the pre-opening of Wall Street, the title of the manufacturer of electric vehicles is almost stable.

Twitter

Elon Musk said this weekend that Twitter’s legal department is accusing him of violating a confidentiality agreement by revealing that he is using a sample of 100 followers to assess the number of fake accounts on the social network. The vibrant inventor announced on Friday that his plan to buy the microblogging social network for $44 billion was temporarily suspended.

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