(CercleFinance.com) – The New York Stock Exchange ended the week on a clearly negative note on Friday, weighed down by the publication of a UMich confidence index, the details of which did little to encourage confidence in the American economy for investors. coming months.
The Dow Jones suffered a decline of more than 1.3% to 29,635 points, while the Nasdaq Composite fell about 3.1% to 10,321 points, which led the two indices to post respectively over the week. an increase of 1.2% and a decrease of 3.1%.
US consumer confidence should pick up in October, given the index calculated by the University of Michigan, which rose from 58.6 in September to 59.8 as a preliminary estimate for the current month.
This increase, more significant than expected, is however based on a much better assessment by households of current economic conditions, while their expectations for the future have on the contrary deteriorated.
‘Inflation expectations for the year ahead unexpectedly climbed to 5.1%, rising for the first time in seven months, while long-term inflation expectations rose to 2.9% ‘, points out Wells Fargo.
In other data released earlier in the day, retail sales stagnated in September, while import prices fell 1.2%. Finally, business inventories increased by 0.8% in August.
The session was also marked by quarterly publications from several major banks, which were favorably received by JP Morgan Chase (+1.7%), Wells Fargo (+1.9%) and Citigroup (+0.6%), but clearly sanctioned for Morgan Stanley (-5.1%).
Outside of publications, Caterpillar fell 2.7% after the construction equipment maker’s board of directors decided to allow CEO Jim Umpleby to remain in his post beyond February 2023.
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