BOCHUM, Germany (AP) — Last-place Bundesliga club Bochum has fired coach Peter Zeidler after he failed to win any of his first eight games in charge.
Bochum said late Sunday it was releasing Zeidler and sporting director Marc Lettau from their roles because “conviction is lacking” that the team could avoid relegation from the German top division under their management.
Zeidler, who was hired in June, lost six of the seven Bundesliga games during his tenure and his last game was a 3-1 loss at Hoffenheim on Saturday. Zeidler's only point came in a 2-2 draw with Holstein Kiel, the only other winless team in the league. Bochum also lost to second-division Jahn Regensburg in the German Cup.
Zeidler, who had never previously coached in the Bundesliga, had a tough task from the start with a team which only survived in the Bundesliga last season in a penalty shootout in last season's relegation-promotion playoff.
Bochum has yet to name a replacement for Zeidler. Whoever takes over is likely to have a tricky start as Bochum faces Bayern Munich on Sunday before games against Eintracht Frankfurt, Bayer Leverkusen and Stuttgart.
AP soccer: https://apnews.com/hub/soccer
Bochum coach Peter Zeidler gestures on the sidelines, during a German Bundesliga soccer match between TSG 1899 Hoffenheim and VfL Bochum, in Sinsheim, Germany, Saturday, Oct. 19, 2024. (Uwe Anspach/dpa via AP)
NEW YORK (AP) — U.S. stocks edged back from their all-time highs Monday as some of the steam came out of Wall Street’s long, record-breaking rally.
The S&P 500 slipped 0.2%, coming off a sixth straight winning week, its longest such streak of the year. The Dow Jones Industrial Average dropped 344 points, or 0.8%, from its own record that was likewise set on Friday, while the Nasdaq composite rose 0.3%.
Trading was mixed in markets around the world. Crude oil prices rose to regain some of last week’s sharp losses, while U.S. Treasury yields climbed and stock indexes mostly fell in Europe after finishing mixed in Asia.
The rise in yields helped knock down stocks that tend to get hurt by higher interest rates, such as big dividend payers and businesses in the housing industry. Real-estate stocks fell to the sharpest loss among the 11 sectors that make up the S&P 500 index, while homebuilders Lennar and D.R. Horton both fell at least 4.3%. Home Depot’s 2.1% drop was one of the heaviest weights on the S&P 500.
The declines mean at least a pause in Wall Street’s rally to records, which was built in large part on optimism that the U.S. economy can make a perfect escape from the worst inflation in generations, one that ends without a painful recession that many investors had worried could be inevitable. With the Federal Reserve now cutting interest rates to keep the economy humming, the expectation among optimists is that stocks can rise even further.
But critics are warning that stock prices look too expensive given how much faster they’ve climbed than corporate profits.
That puts pressure on companies to deliver growth in profits to justify their stock prices, and more than 100 companies in the S&P 500 are scheduled to give details this week about their performances during the summer. That includes such heavyweights as AT&T, Coca-Cola, IBM, General Motors and Tesla.
Tesla slipped 0.8% ahead of its report. Its stock has been shaky recently, including a tumble after an update on its highly anticipated robotaxi included fewer details than investors were hoping for.
Boeing is reporting its latest results on Wednesday. It rose 3.1% after reaching an agreement with the union representing its striking machinists on a contract proposal. The union’s members could vote Wednesday on the deal, which could end a costly walkout that has crippled production of airplanes for more than a month.
Spirit Airlines soared 53.1% after the carrier was able to extend a credit-card processing agreement. Coming into the day, the airline’s stock had lost 91% in the year so far following the cancellation of its planned merger with JetBlue.
Trump Media & Technology Group rose 5.8% to top $31, continuing its strong run since it briefly dipped below $12 last month. The company behind former President Donald Trump’s Truth Social platform is still losing money, but its stock often moves more with his perceived chances of reelection than anything else.
Markets appear to be rotating towards a possible Trump win, according to Michael Wilson and other strategists at Morgan Stanley. They point to how stocks of financial companies have helped to lead the market this month, and consumer companies that could be hurt by tariffs are lagging. Bond yields are also rising, along with some precious metals prices and cryptocurrencies.
All told, the S&P 500 fell 10.69 points Monday to 5,853.98. The Dow dropped 344.31 to 42,931.60, and the Nasdaq composite rose 50.45 to 18,540.00.
In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.08% late Friday.
This upcoming week doesn’t include many top-tier economic reports to move Treasury yields. A preliminary update will arrive on Thursday about U.S. business activity.
The Bank of Canada will also announce its latest decision on interest rates Wednesday, where it could cut by half a percentage point.
In stock markets abroad, indexes were mixed in China after its central bank cut a couple lending rates. Lower rates can help reduce pressure on borrowers, particularly the property developers that have suffered following a crackdown on excessive borrowing several years ago. But any impact on market sentiment appeared to be short-lived.
Stocks rose 0.2% in Shanghai but fell 1.6% in Hong Kong. Chinese stocks have been zooming higher and lower in recent weeks. A slowdown for the world’s second-largest economy has raised expectations for big stimulus from the Chinese government and central bank, though doubts are still prevalent about how much effect they will have.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
FILE - People pass the New York Stock Exchange, at rear, in New York's Financial District on Oct. 16, 2024. (AP Photo/Peter Morgan, File)
FILE - A man approaches an entrance to the New York Stock Exchange on Sept. 26, 2024, in New York. (AP Photo/Peter Morgan, File)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 21, 2024. (AP Photo/Ahn Young-joon)
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 21, 2024. (AP Photo/Ahn Young-joon)
A currency trader reads documents near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 21, 2024. (AP Photo/Ahn Young-joon)
