PARIS (Reuters) – The New York Stock Exchange opened lower on Wednesday amid renewed caution as the sharp rise in bond yields overtook strong quarterly results from companies like Netflix.
Ten minutes after the first exchanges, the Dow Jones index lost 0.14% to 30,483.24 points and the Standard & Poor’s 500, wider, fell 0.44% to 3,702.98 points.
The Nasdaq Composite lost 0.88% to 10,684.34 points.
The yield on ten-year Treasuries rose in session to a peak since July 2008 at 4.12% in response to an acceleration in housing starts in September in the United States.
The rise in bond yields began with the Bank of England’s decision to begin the process of selling its bonds on 1 November, on short and medium maturities. Inflation in the United Kingdom also came out in September at its highest level for 40 years, at 10.1% over one year.
While the Fed’s Beige Book, which serves as the basis for the work of the U.S. central bank’s Monetary Policy Committee (FOMC), will be released at 6:00 p.m. GMT, Neel Kashkari, an official with the issuing institute, said on Tuesday. evening that a rate hike above 4.75% might be necessary if inflation does not slow.
In values, Netflix shares jumped 10.79%, the video “streaming” platform having recruited more new subscribers than expected in the third quarter, while being a little more optimistic than analysts for the end of the year. Its competitors Walt Disney, Warner Bros Discovery, Paramount Global earn from 1.32% to 3.03%.
In the technology compartment, down 0.11%, Apple lost 0.20% after information that the group lowered its production of iPhone 14 Plus, a few weeks after the launch of its model. Amazon and Alphabet drop 2.07% and 1% respectively.
In other corporate publications, United Airlines Holdings rose 6.57% as the airline announced it posted its biggest quarterly profit in three years.
Omnicom and Procter & Gamble advanced respectively by 0.38% and 2.48% after quarterly results exceeded expectations.
(Written by Claude Chendjou, edited by Tangi Salaün)