(CercleFinance.com) – Wall Street moved up slightly on Tuesday at the start of the session, the indices trying to get back on track after having experienced a particularly trying start to May.
At the end of the morning, the Dow Jones advanced 0.4% to 32,345.9 points, while the Nasdaq Composite gained 0.8% to 11,760.8 points.
Concerns about slowing growth, or even a possible recession, have not gone away, but investors are hoping that Fed Chairman Jerome Powell will be able to put some comfort in their hearts today.
The boss of the Federal Reserve must meet in the afternoon with Nick Timiraos, a journalist from the Wall Street Journal, during a day of meetings organized by the financial daily in New York.
‘The trend is also supported by good news in China, namely an improvement in the Covid figures and the possibility of a relaxation of the regulations imposed on technology companies, as well as an upward revision of the growth of the zone. euro in the first quarter’, says one at Wells Fargo.
With regard to the American indicators, the increase in line with expectations for retail sales in May (+0.9%) did not provide much information, except that the recent surge in inflation not yet impact American spending.
After rising 0.9% in March, industrial production meanwhile rose 1.1% last month, according to the Federal Reserve, a higher than expected figure.
In parallel with the rebound in equities, US government bond yields rose on Tuesday, with 10-year Treasuries up 2.94%, which seems to signal less risk aversion.
On the value side, Walmart fell 6% after providing forecasts that were significantly below market estimates due to inflation and ongoing supply issues.
Another US distribution giant, Home Depot, gained more than 3% after having done better than expected over the past quarter and having revised its annual forecast upwards.
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