(New York) The New York Stock Exchange started rising on Monday the last week of a difficult August for the indices.
Posted 9:42 a.m. Updated 10:30 a.m.
The Dow Jones was up 0.74%, the tech-heavy NASDAQ was up 0.65% and the S&P 500 was up 0.53% around 10:10 a.m. ET.
After the speech of the president of the American Federal Reserve (Fed) Jerome Powell Friday at the conference of Jackson Hole (Wyoming), the indices had finished in the green.
The central bank boss warned that the Fed was “ready to raise rates further if necessary”, but would do so “cautiously”.
Investors welcomed his confidence in continued US economic growth, with Powell pointing to “robust” consumer spending and a rebound in the housing market.
Over the week, the Dow Jones fell slightly while the S&P 500 and NASDAQ posted a slight weekly gain for the first time since the beginning of August.
“August and September are known to be historically difficult for the markets, especially when the markets were strong at the start of the summer,” noted Art Hogan of B. Riley Wealth management.
“Of the last ten times the S&P was up 15% in August year-to-date, nine times it was then down at the end of the month by an average of 1.5%,” said the analyst pointing out that the scenario was the same this year.
The Dow Jones is down 3.4% in August, the S&P 500 is down more than 4% and the NASDAQ more than 5%.
This week will be loaded with macro-economic indicators, including consumer confidence on Tuesday, the second estimate of US GDP in the 2nd quarter on Wednesday, inflation according to the PCE index, the Fed’s favorite measure, on Thursday and finally on Friday. , the official employment figures for August.
Analysts expect job creation to slow to 175,000 from 187,000 in July. They predict an unemployment rate of 3.6%.
On the stock side, the title of the diversified industrial group 3m climbed 4.78%, the Wall Street Journal having affirmed that the group is close to an agreement of up to 5.5 billion dollars to settle the related lawsuits earplugs for the military manufactured by its subsidiary Aearo Technologies.
U.S.-listed shares of Chinese electric car maker Xpeng, one of Tesla’s rivals in China, rose 2.38% after the $744 million acquisition of the electric subsidiary of China’s Uber, Didi.
Hawaiian Electric, at the center of controversy over its handling of power supply during the deadly fires in Hawaii, rebounded 36% on Monday after plunging 18% at the previous close.
The operator who suspended the payment of a dividend to conserve cash, denied being responsible for the spread of the fires.
On the bond market, ten-year rates eased slightly to 4.21% from 4.23% on Friday.
2023-08-28 13:42:32
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