The New York Stock Exchange was moving, volatile, up slightly after the opening on Wednesday, after a sharp drop in technology stocks the day before, investors watching for the minutes of the last monetary meeting of the Central Bank (Fed).
Around 2:30 p.m. GMT, after a start in the red, the Dow Jones grabbed 0.19%, the S&P 500 0.32% and the Nasdaq advanced 0.52%.
On Tuesday, the Nasdaq index, with a strong technological composition, had dropped 2.35% to 11,264.45 points, while the broader S&P 500 index had lost 0.81% to 3,941.48 points. The Dow Jones had managed to finish in the green, up 0.15% to 31,928.62 points.
“The main theme this morning revolves around concerns about the economic slowdown, which of course fuels earnings concerns,” Patrick O’Hare of Briefing.com said on Wednesday.
Investors are faced with a growing list of companies that are revising their outlooks down due to the consequences of inflation increasing their operating costs and changing consumer buying habits.
“Retail earnings amplify market concerns,” Schwab analysts noted, citing the latest earnings with sporting goods chain Dick’s Sporting Goods, which sharply downgraded its outlook for the whole of the year and accumulated inventory. After falling more than 7% at the opening, the title only dropped 1.78% around 2:30 p.m. GMT.
The market was also on the lookout for the publication of the Fed’s minutes, the minutes of the last monetary meeting on May 4, during which the Central Bank had decided for the first time in twenty years to raise rates by half a point. percentage.
This report, expected at 6:00 p.m. GMT, “should be closely dissected” as investors “seek more clarity on the central bank’s monetary policy trajectory,” said Wells Fargo analysts.
Market players are also wondering about the impact that “quantitative tightening” will have with the reduction of the Fed’s balance sheet which amounts to nearly 9,000 billion dollars, they indicated.
In terms of indicators, durable goods orders rose slightly less than expected in April in the United States (+0.4%), driven by civil aeronautics.
On the stock exchange, the Snap action, which had collapsed Tuesday by more than 40% falling below its IPO price, regained a little color (+7.66% to 13.77 dollars).
The parent company of the social network Snapchat had indicated that its turnover and its results for the second quarter would probably be lower than the bottom of the range initially announced.
The American sports equipment manufacturer Nike, which announced the suspension of its sales in partner stores in Russia and the interruption of all its partnerships with retailers in the country, saw its title slip by 1.25% to 105 dollars.
In the bond market, yields on 10-year Treasury bills were stable at 2.74%.
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