(CercleFinance.com) – Wall Street headed higher on Tuesday morning, erasing some of its losses from the day before while awaiting the conclusions of the Fed and after a new series of corporate results.
At the end of the morning, the Dow Jones advanced by nearly 0.3% to 33,810.4 points, while the Nasdaq Composite rose by more than 0.8% to 11,489.2 points.
The trend is driven mainly by the publications of major American groups, while the quarterly earnings season is now in full swing in the United States.
If companies almost always exceed earnings forecasts established by analysts, this is not always the case with their turnover or their outlook.
Caterpillar thus yields more than 4% after having unveiled in the morning quarterly results below expectations, penalized in particular by its supply difficulties.
McDonald’s lost more than 2% after presenting quarterly performance that was certainly better than expected, but also issued a warning about the persistence of inflationary pressures in 2023.
Pfizer also lost ground in early trading (-0.1%) in the wake of forecasts deemed disappointing by investors.
In the end, these mixed results largely eclipse the more satisfactory publications of UPS (+3.2%), ExxonMobil (+2%) or even GM (+7.7%).
The general mood remains more generally cautious as investors await the Fed’s press release, which will be released tomorrow.
In terms of statistics, the Conference Board’s confidence index stood at 107.1 for the month of January, against 109 in December, a level lower than the consensus which gave it at 109.
On the bond compartment, calm reigns 24 hours from the final statement of the Fed with a symbolic change in the yield of ten-year Treasury bonds, which fell by one basis point to less than 3.54%.
On the foreign exchange side, the dollar regained ground and recovered 0.2% to 1.0850 against the euro but lost a few fractions against other currencies.
Note the rise in the barrel of oil with WTI recovering 1.2% to 78.9 dollars in New York while the IMF has revised its forecasts for the world economy upwards, now anticipating growth of 2.9 % this year, against +2.7% in its outlook for October.
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