New York (AFP) – The New York Stock Exchange ended slightly Monday on a lack of news that could shape a real recovery in a market already turning to Friday’s release of a key indicator of inflation in the United States.
The Dow Jones rose 0.05%, the Nasdaq index, which has a strong technology composition, lost 0.40% and the broader S&P 500 index lost 0.31%.
Wall Street had opened firmly in the green, raising hopes for a rebound after a week marked by three decline sessions in four days (Monday was a holiday).
“This startup has not been guided by a catalyst to sustain it other than the reopening in China,” which lifted much of the health restrictions imposed for several weeks, National Securities’ Art Hogan explained.
After Shanghai, the city of Beijing on Sunday announced the lifting of numerous containment measures introduced in early May.
“Buying enthusiasm waned as the session progressed,” analysts at Briefing.com agreed.
At Art Hogan, operators were also scalded by the rise in bond yields, which had eased significantly in late May.
The US 10-year Treasury yield was 3.04%, the highest in almost a month.
Last week, “the market saw a possible slowdown in the Fed’s rate hike in September,” recalls Art Hogan, “and that has since dissipated.”
Operators now estimate there is a 72.5% chance that the institution will raise interest rates by at least half a percentage point at each of its next three meetings in June, July and September, a higher proportion than ever.
Witnessing these expectations, the three-month US Treasury yield rose to 1.21% on Monday for the first time in 27 months, ie in the early days of the pandemic.
“We have a week without an engine ahead of us,” down or up, “until we have (the price index) CPI on Friday,” Art Hogan said.
The New York market is already eyeing this indicator, which should show price developments in the United States in May and provide information about a possible slowdown in inflation, which is likely to guide American monetary policy.
In a sign of a lack of enthusiasm from investors, the vast majority of stocks have performed marginally while Wall Street has been characterized by exceptional volatility for months.
Twitter suffered (-1.49% to $39.56) after Elon Musk again accused the social network’s management of “actively” opposing its requests for information about fake accounts and spam, this time in an official document filed with the regulator has been submitted.
The entrepreneur reserves the right to abandon the takeover of the San Francisco Group if the situation persists.
Amazon was coveted after the split announced in early March by 20 (+1.99 percent to $124.79) of its title, which has become more accessible to small owners.
In the airline space, Spirit started (+7.04% to $22.20) after JetBlue (+2.10%) stepped up its takeover bid for the airline and increased compensation in the event of a waiver.
It’s higher than that of Frontier (+4.49% to $10.25), with which it competes for control of Spirit.
Didi (+24.32 percent to $2.30) was boosted by information from the Wall Street Journal that the “Chinese Uber” would soon be authorized by the Chinese authorities to accept new users.
That concludes the regulator’s investigation, which began just under a year ago, into the platform, which will be delisting from the New York Stock Exchange next week.
Many Chinese Wall Street-listed stocks have followed Didi, such as JD.com (+6.53%) and Pinduoduo (+5.60%).
The solar energy sector benefited from a bright spot as the Biden administration pledged not to impose new tariffs on imports of solar panel components, but made an exception for China.
SolarEdge Technologies (+2.86%) and Sunrun (+5.94%) were on the rise.
© 2022 AFP
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