(CercleFinance.com) – The New York Stock Exchange should open without trend on Thursday morning after the records set the day before against a backdrop of optimism regarding the evolution of interest rates.
Half an hour before the opening, the futures contracts on the major New York indices are all virtually unchanged, suggesting a stalled start to the session.
Investors should try to catch their breath after the buying movement sparked yesterday by inflation figures, which propelled the Dow Jones, the S&P 500 and the Nasdaq to new all-time highs.
Despite this favorable dynamic, market participants are still wondering how to interpret these figures as better than expected, or in any case less worse than feared.
For many analysts, a more substantial deceleration in prices and a sharper slowdown in activity will have to occur before the Fed considers easing its monetary policy.
‘Is this ‘cocktail’ favorable to the American equity markets?’, asks Alexandre Baradez, head of market analysis at IG France.
‘Normally no, it is rather conducive to a little prudence which would result in some gains and consolidation,’ underlines the specialist.
The better than expected indicators published this morning also seem to compromise the scenario of a rate cut by the Federal Reserve in September, now estimated at 51% compared to 53% yesterday.
Investors should nevertheless welcome the good results of Cisco and Walmart, two components of the Dow Jones, which show that the most traditional groups are managing to adapt well to the new economic situation.
Another element of support, the yield on ten-year Treasuries continues to fall towards 4.34%, returning to its lowest level since the beginning of April.
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