The year 2024 generally started on a false note on Wall Street: if the Dow Jones gained almost 0.1% to 37,715 points, the S&P500 and the Nasdaq Composite respectively dropped almost 0.6% to less than 4,743 points and more than 1.6% to 14766 points.
Questioning the outlook for US stocks in 2024, BNY Mellon IM warned last week that ‘while it is possible to achieve a good year of returns, we must recognize that the level of uncertainty remains high’ .
He said the risks to US stocks have receded thanks to slowing inflation, but it is ‘difficult to justify high valuations and strong earnings prospects in the current macroeconomic environment’.
Moreover, S&P Global published at the start of the session a US manufacturing PMI index at 47.9 ultimately for the past month, compared to 48.2 in flash estimate and after 49.4 for November, therefore reflecting a contraction accelerated growth in the manufacturing sector.
This week will also see the release of other American data such as the ISM indices or the employment report for December, as well as some quarterly publications from companies such as that of Walgreens.
In stock news, Moderna soared 13.1%, the founder of the biotechnology laboratory, Stéphane Bancel, having estimated in a letter to shareholders that the most optimistic five-year scenario established in 2018 was in the process of being unraveled. realize.
Citigroup climbed 3.1% on the back of favorable comments from Wells Fargo, which reaffirmed its ‘overweight’ recommendation on the banking group’s stock, with a price target raised from 60 to 70 dollars, even expecting this that the action doubles over three years.
Bristol Myers Squibb gained 2.8% after the validation by the European Medicines Agency of its marketing authorization application for its repotrectinib in forms of non-small cell lung cancer and solid tumors .
Copyright (c) 2024 CercleFinance.com. All rights reserved.
2024-01-03 06:24:06
#Market #poor #start #York
