On Wednesday, after the previous day’s record highs on the Nasdaq and the S&P 500, the New York Stock Exchange gave way to profit taking, particularly on technology stock. Filing of a government lawsuit against the social network Facebook Inc (-1.9 percent) for obstructing competition, caused GAFA stocks to fall at the end of the session. However the overall atmosphere remains fueled by expectations for vaccination against coronavirus, as well as by ongoing political talks in Washington to implement a new budget funding plan.
The Dow Jones dropped by -0.35 percent to 30,068 points at the close, while the large S&P 500 index dropped by -0.79 percent to 3,672 points and the Nasdaq Composite Index, which is rich in technology and biotech stocks, dropped by -1.94 percent to 12,338 points after 4 consecutive records.
Wednesday session was marked by three IPOs with doorDash Inc (85.8 percent), a meal delivery application, PubMatic Inc (45.7 percent), an online advertisement firm, and C3.ai Inc (120 percent), an artificial intelligence firm. All three stocks soared for their first listing ahead of Airbnb’s listing on Thursday. The other internet giants accused of dominant positions have ended in the aftermath of Facebook, lower: Alphabet Inc dropped -1.8 percent, Apple Inc fell -2.1 percent and fall of -2.3 percent for Amazon.com Inc.
Asian shares had ended up in dispersed order earlier in the day (up 1.3 percent for the Nikkei, -1.1 percent for the Shanghai Composite), as well as European markets (up 0.47 percent for the DAX 30 and -0.25 percent for the CAC 40). Investors in Europe expect a lot from the ECB meeting on Thursday, which is expected to increase and broaden its pandemic emergency procurement program (PEPP). According to analysts, the volume of purchases could thus be raised from 1,350 to at least 1,850 billion euros.