(CercleFinance.com) – The New York Stock Exchange is moving without a clear trend on Thursday at the start of a session driven by a series of mixed economic indicators, including a stronger than expected drop in retail sales.
At the end of the morning, the Dow Jones advanced 0.4% to 38,578.6 points while the Nasdaq Composite fell 0.4% to 15,789.5 points.
US stock markets have had a favorable start to the year so far, but nevertheless remain weakened by uncertainties surrounding the timing of the Fed’s first rate cut.
The multiple statistics published in the morning, neither too hot nor too cold, did not provide them with the answers they were hoping for.
Retail sales in the United States fell more than expected in January, suggesting a deterioration in domestic demand that could weigh on growth.
This disappointment is nevertheless offset by all the other figures of the day, starting with a further drop in weekly unemployment registrations, which confirms the resilience of the job market.
On the industrial side, the Empire State index recorded a sharp recovery while that of the Philly Fed returned to positive territory.
After stagnating the previous month, industrial production fell by 0.1% in January
This data has not significantly changed the expectations of investors, the majority of whom continue to count on a first rate cut in June, even if some do not rule out an easing as early as May.
In reaction to these indicators, the dollar widens its losses against the euro, which rises to a two-day high against the greenback, at 1.0760, while the yield on ten-year Treasuries falls below 4.25 %.
On the value side, Apple fell by around 1% after Berkshire, Warren Buffet’s holding company, declared that it had reduced its stake in the technology group.
Cisco Systems fell by more than 2% as the networking equipment giant announced yesterday a downward revision of its annual objectives, as well as the elimination of around 5% of its workforce.
Copyright (c) 2024 CercleFinance.com. All rights reserved.