PARIS (Reuters) – The New York Stock Exchange rose at the start of the session on Friday, statistics deemed reassuring on inflation having offset the negative impact of forecasts presented the day before by Apple and especially by Amazon.
A few minutes after the start of trading, the Dow Jones index gained 338.55 points, or 1.06%, to 32,371.83, the Standard & Poor’s 500 rose 0.56% to 3,828.75 and the Nasdaq Composite took 0.46% to 10,842.19.
Amazon fell 11.59% after saying on Thursday it expects sales growth to slow in the final months of the year due to deteriorating consumer purchasing power.
Apple also said it expected a fourth quarter that was less buoyant than the previous ones, but its share rose 4.51%, the market welcoming the group’s ability to resist.
Intel for its part jumped 8.15% despite the downward revision of its annual forecast, the good performance of its activities dedicated to the personal computer market favoring a rebound after a drop of nearly 47% since the start of the year.
On the macroeconomic front, the US consumer income and spending figures released one hour before the opening show a more marked increase than expected in consumption but above all a stabilization of the rise in the PCE price index, the most monitored by the Federal Reserve, at 6.2% over one year in September as in August.
The “core PCE” index, which excludes energy and food products, posted an annual increase of 5.1%, against 5.2% expected.
These statistics could fuel the debate on a possible slowdown in the Fed’s rate hike, even if the scenario of a three-quarter point hike next Wednesday remains largely favored.
Investors await at 2:00 p.m. GMT the final results of the University of Michigan’s monthly survey of household sentiment.
(Written by Marc Angrand)