Wall Street opened this Wednesday in green and the Dow Jones Industrialsits main indicator, rose 0.36%, while investors analyze another batch of business results.
Ten minutes after the trading floor opened, the Dow Jones stood at 38,659 points, and the selective S&P 500 rose 0.41%, up to 4,974 points.
The Nasdaq composite market index, in which large technology companies are listed, rose 0.35%, up to 15,663 units.
10-year Treasury yields rose to 4.10%
Business results
The market continues to be immersed in the corporate results season, and this morning the powerful 30% drop in Snapthe parent company of Snapchatafter publishing quarterly figures on Tuesday that were below analysts’ expectations.
For its part, the automobile company Ford It opened with an increase of almost 6% in line with its profits from the last year, in which it recovered from the losses of 2022 and increased its income by 11%, to $176,191 million.
The strong earnings season and expectations of an interest rate cut by the Reserva Federal (Fed) prompted these last weeks to Wall Streetwith large technology companies at the forefront of market profits.
Fed Actions
But investors now doubt that cuts will happen in the short term after the latest statements by the president of the central bank, Jerome Powellwhich indicated that the regulator is waiting for more evidence that inflation is heading towards its 2% target to begin rate cuts.
Powell’s position has been supported by other Fed members, such as the bank’s president in Cleveland, Loretta Masterwhich indicated yesterday that it does not see the need to rush into rate cuts, according to Bloomberg.
By sector, gains predominated early in the day, led by the non-essential goods and raw materials sectors, which rose 0.78% and 0.7%, respectively; while the only loss was for the public services sector, which fell a slight 0.03%.
Among the 30 Dow Jones values, the advances of Walgreens (2.21%) and UnitedHealth (1.34%) stood out; while in the red the cases of Amgen (-2.63%) and Walt Disney (-1.36%) stood out. EFE (I)
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