PARIS, Aug 24 (Reuters) – The New York Stock Exchange opened on Wednesday without much change in the absence of catalyst and pending intervention on Friday from the Chairman of the United States Federal Reserve (Fed), Jerome Powell.
In early trading, the Dow Jones index gained 1.87 points, or 0.01%, to 32,911.46 points, and the Standard & Poor’s 500, wider, nibbled 0.04% to 4,130.52 points.
The Nasdaq Composite lost 0.08%, or 10.01 points, to 12,391.31.
Investors have their sights set on Jackson Hole, where Jerome Powell is due to deliver a speech at 2:00 p.m. GMT on Friday.
“Traders are hesitant to increase their exposure, fearing being taken aback by a more restrictive Fed,” said Marios Hadjikyriacos, investment analyst at XM.
They are also divided on the magnitude of the future interest rate hike expected in the United States, with some anticipating an increase of 50 basis points and others of 75 points, while the Fed has already increased the cost of 225 point credit since March. The uncertainty is accentuated by the economic indicators published on Tuesday, which confirmed the risk of a deterioration in the economic situation in the United States.
The second estimate of US gross domestic product will be known Thursday at 12:30 GMT.
In values, the American department store chain Nordstrom plunged 17.54% after lowering its annual sales and profit forecasts on Tuesday evening in a context of high inflation.
The accounting software specialist Intuit, on the other hand, jumped 5.96%, in reaction to a forecast of annual turnover higher than the consensus.
Chipmaker Nvidia for its part fell by 0.82% before the publication of its quarterly accounts, scheduled after the close of Wall Street. The index of the semiconductor sector and that of new technologies gave up 0.49% and 0.12% respectively.