:format(jpg):focal(1275x858:1285x848):watermark(cloudfront-eu-central-1.images.arcpublishing.com/ipmgroup/EF665FJJCNGHFFHRRMWR57UKMI.png,0,30,0)/cloudfront-eu-central-1.images.arcpublishing.com/ipmgroup/KDUMZ5VLVFCOBL54ZTQGTDQDRQ.jpg "After nearing records, the New York Stock Exchange opens in the red")
The New York Stock Exchange traded in loose order at the opening Thursday after nearing records the day before for the Dow Jones and the S&P 500.
At 4:00 p.m. GMT, the Dow Jones dropped 0.19% and the S&P 500 0.10% while the Nasdaq, which had started in the red, advanced 0.18%.
On Wednesday, the Dow Jones flagship stock index, which hit a session high, ended 0.43%, close to its record high. The S&P 500 extended index ended its run less than one point from its best score at 4,536.19 points, up 0.37%. The Nasdaq had fallen 0.05%.
“Despite the acceleration” of the last days “Uncertainties remain over supply chain bottlenecks, ensuing inflation, energy prices and monetary policy”, stressed Schwab analysts.
Fiscal policy was also at the center of concerns, as the battle continues in Congress over the costs of the Biden administration’s investment plans. The session promised to be rich in corporate results after those of Tesla the day before (+ 0.88% to 873 dollars at the opening), which managed to generate record profits in the third quarter despite logistical problems. Elon Musk’s group revenue reached $ 13.76 billion between July and September (+ 57%) and the company’s net profit jumped to $ 1.6 billion from $ 331 million a year more early.
On Thursday, American Airlines (+1.43% to 19.77 dollars) unveiled better than expected results for the third quarter despite the gradual rise of the Delta variant of Covid-19 during the period, which slowed the recovery Air traffic The airline posted a net profit of $ 169 million over the period. But excluding one-time items, American Airlines took a loss of $ 641 million, its lowest operating loss since the start of the pandemic.
The Dow group (+ 1.68% to 61 dollars), which manufactures materials and products for industrialists, posted a profit higher than expected in the third quarter benefiting from a sharp rise in the prices of its products due to a tight market.
While in volume sales increased only 2%, local prices jumped 50% compared to the same period a year ago. Dow’s net profit reached $ 1.7 billion in the third quarter, compared to a loss of 25 million euros at the same time last year.
Second try for WeWork
The specialist in shared offices WeWork made its IPO two years after an abortive IPO on the New York market and a saga with many twists and turns that almost imploded the group.
Led by new managers, the company merged with the “SPAC” (Special purpose acquisition company) BowX, a very popular way to go public more easily.
Listed under the symbol WE, the title rose modestly 2.98% to 11.10 dollars at 2:00 p.m. GMT, while the title of SPAC had closed at 10.38 dollars the day before. This valued the company at less than $ 9 billion unrelated to the $ 47 billion theoretical valuation targeted in January 2019.
After the close, investors also awaited the results and prospects of toy maker Mattel and semiconductor giant Intel, two groups sensitive to global difficulties in supplies and deliveries.
Among the indicators, the news was good on the labor market where weekly jobless claims continued to decline in mid-October, reaching a new low since the start of the pandemic. Unemployment claims fell to 290,000 last week, 6,000 less than the week before. Analysts were betting on 303,000 requests.
On the manufacturing side, on the other hand, the industrial region of Philadelphia suffered a slowdown in the manufacturing sector, with the Fed’s index losing 7 points to 23.8 points, below what analysts had expected.
Bond yields on 10-year Treasuries remained stable at 1.65%.
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