Wall Street: Wall St hesitates, Cisco retreats and Walmart rises

PARIS (Reuters) – The New York Stock Exchange is moving in dispersed order on Thursday, between the disappointing results of the Cisco group and the solid forecasts of Walmart, pending concrete progress in the negotiations on the raising of the American debt ceiling.

In early trading, the Dow Jones index lost 89.05 points, or 0.27%, to 33,331.72 points and the broader Standard & Poor’s 500 fell 0.03% to 4,157.56 points.

The Nasdaq Composite took 0.31%, or 38.373 points, to 12,538.939.

On Wednesday, Wall Street rose more than 1% after President Joe Biden and top Republican congressional leader Kevin McCarthy reaffirmed their determination to quickly reach an agreement to raise the federal debt ceiling.

While optimism about an early outcome to this political deadlock continues to support European markets, US equity indices are more hesitant.

The decline of 1.05% of the network equipment manufacturer Cisco, one of the components of the Dow Jones, affects the trend after the announcement of a significant drop in new orders in the third quarter.

Retail giant Walmart gained 2.48% after raising its annual sales and profit targets, buoyed by demand for its low-cost products, easing fears of a slowdown in consumer spending in the face of to inflation.

In macro, the number of jobless claims fell more than expected last week, suggesting that the labor market remains tight, and economic activity in the Philadelphia area picked up in May at a faster pace than ‘expected.

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(Laetitia Volga)

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