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Wall Street: Partial recovery during the afternoon


(CercleFinance.com) – A recovery during the afternoon did not allow Wall Street to end Friday’s session clearly in the green: if the Dow Jones ended just above its balance, at 31,262 points, the Nasdaq Composite fell 0.3% to 11,355 points.

“Major indexes were unable to sustain an early session rally that took place after China’s central bank signaled support for the country’s property market,” Wells Fargo said.

‘Recession fears were looming as Wall Street grew increasingly concerned that the Fed’s efforts to fight inflation would hamper economic growth,’ the Californian bank continued.

In a strategy note published earlier this week, Credit Suisse analysts said it was premature to strengthen its positions, estimating the risk of a recession “very high”.

For the Swiss establishment to be more positive on equities, wage growth would have to slow in the United States, which he said would put less pressure on the shoulders of the Fed to raise rates.

On the values ​​front, Applied Materials fell 3.8% despite the publication by the supplier for the semiconductor industry of increased profits for its second quarter 2021-22.

Hewlett Packard Enterprise tumbled 5.8% following an advisory downgrade at BofA from ‘buy’ to ‘neutral’ on the IT storage specialist, as the supply chain deteriorated within the sector.

An even more severe drop, however, returned to Deere (-14.1%), the manufacturer of agricultural machinery having said it was facing pressure on its supply chain on the occasion of the publication of its quarterly results.

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