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Upwards on Wall Street – giants in the automotive industry down

The leading indexes on Wall Street were traded upwards on Monday – but within the automotive industry, it was still tough. Both Ford and General Motors fell.

» Updated: 01 October 2024

» Published: 30 September 2024

Upwards on Wall Street – giants in the automotive industry down
Photo: Peter Morgan/AP/TT

It looked for a long time like it would be a red day on the American stock exchanges with occasional clear declines. Shortly before closing, the indexes climbed up over zero and gave the stock exchange a sunny ending.

The industrial index Dow Jones ended the day almost unchanged. Both Nasdaq's composite index and S&P 500 rose by 0.4 percent.

In Europe, several of the major automotive giants have issued profit warnings in recent weeks. Stellantis, which owns, among other things, Peugeot, was the latest in line to write down its forecasts by issuing a profit warning on Monday.

The gloomy automotive mood spread to the USA on Monday. Car manufacturer Ford fell by 2.0 percent, while General Motors' share price dropped by 3.5 percent.

At the same time, it looked better for electric car colleague Tesla, which rose by 0.5 percent.

Among today's winners are, among others, Apple, up 2.3 percent, and auction site Ebay, up 1.7 percent.

Transport company Fedex also had a good day and rose 2.3 percent. The company has had a bumpy September month and fell sharply on the stock exchange a few weeks ago after a weak quarterly report – but has partially recovered in recent trading days.

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By TTThis article has been altered and translated by Sweden Herald

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