PARIS (Reuters) – American stock markets opened in mixed order on Friday, with investors remaining cautious before new comments from Federal Reserve Chairman Jerome Powell and the publication of the ISM manufacturing index.
In early trading, the Dow Jones index gained 45.14 points, or 0.13% to 35,996.03 points and the broader Standard & Poor’s 500 fell 0.28% to 4,555.14 points. The Nasdaq Composite lost 0.62% or -88.08 points, to 14,138.135.
Markets remain cautious ahead of two interventions by Jerome Powell on Friday, at 4:00 p.m. GMT and 7:00 p.m. GMT.
This is the last opportunity for the Fed president to temper market expectations, which are betting that the central bank will lower its rates as early as May 2024 after the publication of a falling inflation indicator on Thursday, which is considered too optimistic by some monetary policy makers.
In fact, the “blackout” period, during which American monetary policy makers are prohibited from speaking, will begin on Saturday, December 2.
The ISM manufacturing indicator, in contraction since November 2022, is expected at 3:00 p.m. GMT, with the consensus betting on a slight improvement in activity in November.
In terms of values, Pfizer lost 4.82%, after declaring on Friday that it would not advance an oral drug for weight loss to the final phase of study, after a high rate of side effects displayed during a mid-term exam.
Dell fell 5.98%, the PC manufacturer having published a turnover lower than expectations for the third quarter due to a slower recovery than expected in demand.
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(Written by Corentin Chappron, edited by Kate Entringer)
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