Wall Street is expected to rise before market trading this Wednesday, with the S&P 500 gaining 0.2%, the Dow Jones 0.1% and the Nasdaq 0.3%…
(Boursier.com) — Wall Street is expected to rise before market trading this Wednesday, with the S&P 500 gaining 0.2%, the Dow Jones 0.1% and the Nasdaq 0.3%. The American market has nevertheless been hesitating since the start of the week, after a superb rally in November against a backdrop of hopes – perhaps overrated – of peaking rates, controlled inflation and a soft economic landing. Operators are therefore keeping in mind a rather positive scenario which could even allow the start of monetary easing at the end of the first quarter of 2024. Yesterday, the US market benefited from a better trend on the ‘Magnificent Seven’ (Apple, Microsoft , Amazon, Alphabet, Tesla, Nvidia, Meta), which had been the subject of sustained profit-taking on Monday…
On the economic front across the Atlantic, industrial orders for October announced on Monday fell by 3.6% compared to the previous month, much more than expected. Yesterday Tuesday, markets took note of a final November composite PMI of 50.7 and a services PMI of 50.8 (in line with expectations), as well as a services ISM lodged at 52.7 (consensus 52.4) and a JOLTS report on job openings for the month of October showing a total of 8.73 million openings, compared to 9.3 million consensus and 9.35 million for the revised reading from the previous month. Thus, the number of job offers in October 2023 was at its lowest since the start of 2021, which supports the thesis of a notable weakness in the labor market and therefore reinforces the peak scenario. Fed rate. Additionally, the September reading was revised down from 9.55 million to 9.35 million.
The ADP report on private employment for the month of November (2:15 p.m., FactSet consensus 120,000 creations), the balance of international trade in goods and services for October (2:30 p.m., consensus -$61.5 billion), as well as the final productivity figures for the third quarter (2:30 p.m., consensus at a rate of +4.8% and -0.85% for unit labor costs) and the weekly report on domestic oil stocks, will be revealed this Wednesday.
Weekly jobless claims, wholesale inventories and consumer credit figures are due Thursday. Finally, the markets will follow on Friday the monthly American government report on the employment situation for the month of November (FactSet consensus at 3.9% unemployment, 172,500 job creations including 130,000 in the private sector, +0.3% for the average hourly wage compared to the previous month), as well as the preliminary consumer sentiment index from the University of Michigan for December (consensus 61.6).
In business news, MongoDB, Toll Brothers And Box Incannounced their latest quarterly accounts last night. Brown-Forman, Veeva, Campbell Soup, Chewy, Braze And C3.aiwill publish this Wednesday. Broadcom, Lululemon Athletica, Dollar General, The Cooper Companies, DocuSign And Cienawill be there on Thursday. Hello Group And Johnson Outdoors will finally announce on Friday.