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In the green, Wall Street is heading for another positive week


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

The New York Stock Exchange was in the green on Friday, driven by technology, the Nasdaq and the S&P 500 being on track for a fourth consecutive week of increases.

Around 2:30 p.m. GMT, the Dow Jones advanced by 0.29%, the Nasdaq by 0.79% and the S&P 500 by 0.62%.

The day before after taking profits which had followed a solid jump in the indices on Wednesday with the easing of inflation, the Dow Jones had gleaned 0.08% to 33,336.67 points.

The technology-dominated Nasdaq fell 0.58% to 12,779.91 points and the S&P 500 fell 0.07% to 4,207.27 points.

“We are coming to a point where we are probably hitting several peaks, inflation, hawkish Fed sentiment, and pessimism,” summed up Art Hogan of B. Riley Wealth.

“There is more better news ahead of us than there is bad and we assume that the current market rebound still has room,” said the analyst.

The indices were mainly driven this week by the good news relating to inflation, while consumer prices for July in the United States increased by 8.5% over one year against 9.1% the month before. , suggesting the passage of a peak.

This relieved Wall Street which hopes that the Federal Reserve (Fed) will be less severe on interest rates in the future.

The next central bank monetary meeting is scheduled for September 21, and there will still be the CPI release by then, but investors are already pricing in a half-percentage-point hike rather than three. quarter points (0.75%), like the last two times.

Some members of the Fed, however, moderated the enthusiasm by recalling, like Mary Daly of the San Francisco Fed on Thursday, that a 75-basis-point tightening remained on the table.

– Household morale improves –

In other good news released on Friday, the University of Michigan Consumer Confidence Index came in much better than expected in August at 55.1 points vs. 51.5 points in July, emerging from all-time lows hit in June.

The dollar regained strength, the dollar index which measures the greenback against a basket of several currencies, gaining 0.63% around 2:00 p.m. GMT while the euro lost 0.52% to 1.0266 dollars.

On the side, Disney continued to be sought after (+ 2.57%) after the announcement of solid results, a jump in new subscribers to Disney + and the announcement of new streaming offers, either more expensive or with The advertisement. Its competitors Netflix (+1.60%) and Roku (+1.95%) followed.

Tech mega-caps were pulling the Nasdaq like Alphabet (+1.29%), Tesla (+1.14%), Apple (+1.18%).

Even Rivian, the American manufacturer of electric vehicles which however suffered abysmal losses in the second quarter, at 1.7 billion dollars, and which expects its finances to worsen further this year, saw its title climb by 3%.

Five major Chinese groups, including oil companies Sinopec and PetroChina as well as an aluminum heavyweight Chalco, listed via American certificates of deposit on Wall Street, have announced that they will soon withdraw from the New York stock exchange due to the rules of transparency required by the American stock market policeman, the SEC.

© 2022 AFP

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