Wall Street advances slightly before market trading this Wednesday, while awaiting US GDP and inflation figures
(Boursier.com) — Wall Street rose slightly before the market this Wednesday, awaiting the figures for American GDP and inflation which will be known later this week. The S&P 500 is up 0.3%, the Dow Jones also 0.3% and the Nasdaq 0.3%, also in solidarity. Tesla’s rebound yesterday was not enough to keep the flagship technology index in the green at the close. The week will be brief – Wall Street is closed on Friday – but will include numerous interventions from Fed officials, as well as some notable statistics. Jerome Powell, head of the Fed, intervenes on Friday.
Yesterday, orders for durable goods in the United States for the month of February 2024 increased by 1.4% compared to the previous month, compared to +1% market consensus and -6.9% in revised reading, a month before. Excluding transport, orders increased by 0.5% compared to the previous month, against +0.6% consensus and -0.4% for the revised reading for the month of January… Operators were also monitoring the price indices. prices of S&P Case-Shiller and FHFA homes (+0.1% for the January adjusted Case-Shiller ’20 City’ compared to the previous month and +6.6% year-on-year excluding adjustment; +6.3% on one year for the FHFA index). The Richmond Fed’s regional manufacturing index for the month of March 2024 stood at -11, compared to -5 a month before and -4 of the market consensus. The American consumer confidence index measured by the Conference Board for the month of March stood at 104.7, against a FactSet consensus of 107 and a level of 104.8 a month earlier, in revised reading.
The weekly report on US domestic oil stocks for the week ending March 22 will be released this Wednesday. Christopher Waller, Governor of the Fed, speaks in the evening.
Tomorrow Thursday, the news will be busy, with the final figures for US GDP for the fourth quarter (FactSet consensus at a rate of +3.3%, against +3.2% previously estimated), weekly unemployment claims for the week closed March 23, the Chicago Manufacturing PMI, the University of Michigan U.S. Consumer Sentiment Index, the Home Sales Promises Index, and the Kansas City Fed Manufacturing Index .
Read also…
Finally, on Friday, investors will monitor the inflation index (+2.8% FactSet consensus on the adjusted index year-on-year) as part of the publication of the report on household income and spending. The balance of international trade in goods will also be revealed. Jerome Powell will also liven up the day… Wall Street will nevertheless be closed on Friday for Good Friday – but then open for Easter Monday.
In Wall Street business news, GameStop published last night. Cintas, Paychex, carnival, Rumble And Jefferies announce this Wednesday. Walgreens Boots Alliance publishes Thursday.
While the S&P 500 has gained around 10% this year, some strategists, such as those at JP Morgan and Morgan Stanley, are more cautious and believe that high valuations will be difficult to justify if they are not accompanied by a significant improvement in prices. business profits. The first quarter financial publication season will begin in around two weeks and will therefore be of major importance, while euphoria in the artificial intelligence segment and expectations of rate cuts have supported the markets for the time being. .