On the New York Stock Exchange, September 6, 2022 (GETTY IMAGES NORTH AMERICA/AFP/Archives/Michael M. Santiago)
The New York Stock Exchange was trading lower and changing on Thursday, after weekly jobless claims were a little stronger than expected ahead of the official US jobs report on Friday.
The Dow Jones lost 0.73%, the technology-dominated Nasdaq fell 0.59%, while the broader S&P 500 index lost 0.69%.
At the end of an already volatile session on Wednesday, the Dow Jones index had fallen by 0.14% to 30,273.87 points, the Nasdaq had conceded 0.25% to 11,148.64 points and the S&P 500 fell by 0 .20% to 3,783.28 points.
Weekly jobless claims, released on Thursday, rose to 219,000 last week, stronger than expected. This is their highest level since August, although they remain close to a historically low trend.
Investors are especially awaiting the official report on the US job market for September, which will be published on Friday. They want to know if the labor market is easing with less job creation, which would go in the direction of a slowdown in inflation. The tighter a labor market, the more pressure there is for wage increases, which promotes higher prices in general.
The September unemployment rate is expected to be stable compared to August, at 3.7%, and 275,000 job creations are expected against 315,000 in August.
“Inflationary pressures, which have forced central banks to tighten monetary policy around the world, remain a major concern for global markets, although some optimism is emerging that the pace of rate hikes may slow.” , judged the analysts of Schwab.
Yields on Treasury bills stretched slightly to 3.78% for ten-year bonds, against 3.75% the previous day.
A Fed representative, Atlanta branch chairman Raphael Bostic, blew hot and cold in a speech Wednesday.
On the one hand, he rejected the idea of an interest rate cut in 2023: “not so fast”, he said. On the other, he mentioned a pause, believing that when monetary policy would be “moderately restrictive, with rates between 4% and 4.5% at the end of the year”, it will be advisable “to stay away from it. hold at this level to see how the economy and prices respond.”
“We suspect that a market desperate for light at the end of the tunnel of rate hikes will take comfort in the thought that there could be a potential pause to start 2023,” reacted Patrick O’Hare of Briefing. com.
On the side, microprocessor manufacturers were on the rise such as Nvidia (+1.97%), AMD (+2.40%), while, on the semiconductor side, Micron Technology, boosted in recent days by announcements of massive investments in the State of New York, yielded a little ground (-1.46%).
IBM dropped 1.11% to $124, despite news of a $20 billion investment over ten years in the New York area as well.
Amazon (-0.94%) announced the hiring of 150,000 seasonal workers for the holiday season, a volume roughly equivalent to that of last year, while Walmart (+0.47%), reduced the airfoil to due to the economic downturn. The number one discount retailer intends to hire only 40,000 seasonal workers against 150,000 last year.
The action of the specialist in exercise bikes and connected treadmills Peloton was volatile, losing 0.35% to 8.41 dollars around 2:00 p.m. GMT, after starting up sharply.
Investors were pricing in the latest staff cuts from the struggling equipment maker. Peloton announced Thursday to part with 500 people, after having already cut several hundred jobs this summer.
A year ago the Peloton title reached 96 dollars.
© 2022 AFP
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