Particular attention will be paid to the arrival of Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell in the United States Senate tonight. They must explain the massive stimulus packages announced against the corona crisis. Powell said on Sunday that the Fed still has enough room for more support and that the umbrella of US central banks is far from over in fighting the crisis.
Shortly after the start, the Dow-Jones index declined 0.3% to 24,458 points. The broad S&P 500 fell 0.3% to 2945 points and technology exchange Nasdaq gained 0.1% to 9246 points.
Home Depot slipped 3% after disappointing numbers from the largest DIY chain in the United States. The company faced higher personnel costs related to leave and bonuses and is withdrawing its expectations for this year. Turnover did increase. The smaller industry colleague Lowe’s seems to be pulled down.
Walmart headed 2.4% higher. The supermarket benefited from the hammering of Americans in the corona crisis and saw online sales rise sharply. Profitability was under pressure from higher costs, such as cleaning and staff safety.
Kohl’s dipped 5.7%. The department store chain has suffered a loss in the recent period because many stores were closed against the virus outbreak, with sharply reduced turnover. Kohl’s is reopening stores.
On a macroeconomic level, it was reported that home construction in the US fell again very sharply in April due to the virus outbreak and measures to combat the disease. As a result, many construction projects came to a halt. The number of homes under construction plummeted by more than 30 percent compared to March when a sharp decline was also seen.