Wall Street opened this Thursday on mixed terrain and the Dow Jones Industrialsits main indicator, fell 0.08%, to 38,432 points, while the market is weighed by the latest inflation data in March, which dispelled investors’ hopes of a drop in short-term interest rates.
Ten minutes after the trading floor opened, the selective S&P 500 rose 0.06% to 5,163 points, and the technological Nasdaq rose 0.36% to 16,228 points.
The inflation rate in the United States rose to 3.5% in March, a figure very far from the 2% objective of the Federal Reserve (Fed), which reduces investors’ expectations for the central bank to carry out some rate cuts soon.
Even now it seems that the question is not “when” these cuts will occur, but rather “if at all” they will take place, as the Wall Street Journal points out.
Furthermore, inflation is one of the great challenges of the US president, Joe Biden, especially in view of the upcoming presidential elections in November, in which he is running as a candidate. According to analysts, a rate cut could benefit the Democratic Party in the elections, but now the goal seems to be moving away.
At the corporate level, the used vehicle retailer CarMax fell more than 10% in the early stages of the stock market after quarterly results worse than expected by analysts.
Another set of bank results is expected this Friday JPMorgan, Wells Fargo y Citigroup.
On the other hand, the yield on the 10-year Treasury bond fell to 4.54%, and the 2-year Treasury fell slightly to 4.94%.
In the sectors, losses predominated, led by the financial sector (-0.54%) and the energy sector (-0.26%), while the greatest increases were for the technology sector (0.56%) and the communication sector. (0.5%).
In the Dow 30 index, the gains of Nike (3,16 %) y Amgen (1.78%), and led the losses Travelers (-1,16 %) y Boeing (-0,92 %). EFE (I)
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