Hesitant, Wall Street oscillates between green and red

The floor of the New York Stock Exchange (GETTY IMAGES NORTH AMERICA/AFP/SPENCER PLATT)

The hesitant New York Stock Exchange oscillates between green and red on Wednesday, in a market with little traffic before the end of a terrible year 2022 for equities.

Around 3:30 p.m. GMT, the Dow Jones index dropped 0.21%, the Nasdaq 0.32%, while the S&P 500 grabbed 0.18%, with very little trading volumes, which accentuates the variations.

On Tuesday, the indices had ended the session divided.

The Dow Jones had gained 0.11% to 33,241.56 points, the Nasdaq, with strong technological coloring, had lost 1.38% to 10,353.23 points and the broader S&P 500 index had lost 0.40% to 3,829, 25 dots.

“When you can’t do it, you have to try again and again: that’s what the market tries to do to achieve a positive session,” commented Patrick O’Hare of Briefing.com.

As the year 2022 promises to be the worst vintage since 2008 for the stock markets, investors are looking to the future “by assessing what the growth outlook will be in 2023 with the reopening of China in particular”, estimated Wells Fargo analysts.

On Monday, Beijing announced the end from January 8 of mandatory quarantines for travelers arriving in China.

But given the spread of Covid-19 in the country, Beijing’s rapid abandonment of the “zero Covid” policy is at the same time arousing concern in foreign countries. Italy has just announced the imposition of tests on travelers coming from China. The United States is considering restrictions.

On the stock market, Tesla, which plunged 11.4% on Tuesday, losing 69% since the start of 2022 and no less than 44% this month alone, raised its head on Wednesday by advancing 2.52% to 11.83 dollars. around 3:10 p.m. GMT. Its low price, at its lowest in more than two years, prompted a hunt for bargains.

The action of the electric vehicle manufacturer led by Elon Musk shows one of the worst performances of the year within the S&P 500, after the electrical equipment company Generac (-74% since the beginning of the year) and the Match Group dating app (-70%).

All sectors of the S&P 500, except energy, down 0.69%, advanced slightly in the green.

The situation was not really getting better for the airline Southwest Airlines, which experienced a catastrophic long Christmas weekend, forced to cancel thousands of flights daily for five days, when a giant blizzard hit much of the United States. The action dropped 1.86% after plunging almost 6% the day before.

In the bond market, yields on 10-year Treasury bills were stable at 3.84%.

© 2022 AFP

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