(CercleFinance.com) – The New York Stock Exchange should open with limited spreads Thursday morning, for the penultimate session of a year 2023 which promises to be prosperous since its gains range at this stage between 14% to 44%.
Half an hour before the start of trading, the ‘futures’ contract on the Dow Jones fell by 0.2%, but that on the Nasdaq advanced by 0.2%, suggesting a half-hour start to the session. tint.
Since the change in strategy initiated by the Federal Reserve in mid-December, the three main New York indices have continued to break record after record.
Over the entire 2023 financial year, the Dow Jones is currently up almost 14%, the S&P 500 is up 24% and the Nasdaq is up more than 44%.
The resilience of economic activity and the prospect of interest rate cuts next year have fueled the progression of Wall Street despite valuation levels considered high.
The technology sector stood out in particular with a jump of more than 56% this year, largely supported by the surge of the ‘Magnificent Seven’ (Apple, Amazon, Alphabet, Nvidia, Meta, Microsoft and Tesla).
Investor optimism about a soft landing for the US economy was reinforced this morning by the release of data confirming the recent slowdown in the jobs market.
The Department of Labor recorded 218,000 new registrations for unemployment benefits in the United States the week of December 18, a figure up 12,000 from one week to the next.
According to Fedwatch data, the probability of an interest rate cut next March is estimated at nearly 73%, which translates into a ten-year Treasury yield of 3.80%, at its lowest. Since six months.
In its wake, the dollar is preparing to end the year on a weak note, which allows the euro to return to around 1.1125, a five-month high.
The weakness of the dollar no longer favors the prices of raw materials or gold, the contract on a barrel of American light crude (WTI) losing 0.7% to 73.6 dollars.
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