by Chuck Mikolajczak
NEW YORK (Reuters) – The New York Stock Exchange ended lower on Thursday after spending much of the session in the green as renewed concerns about the Federal Reserve’s monetary tightening eventually overtook the releases. quarterly results deemed positive by certain large listed companies.
The Dow Jones index fell 0.3%, or 90.22 points, to 30,333.59 points.
The broader S&P-500 fell 29.38 points, or 0.8%, to 3,665.78 points.
The tech-heavy Nasdaq Composite fell 65.66 points (-0.61%) to 10,614.84 points.
The unexpected drop in jobless claims last week in the United States and remarks by Fed Chairman in Philadelphia, Patrick Harker, raised concerns about the pace of Federal Reserve rate hikes, which could push the US economy into recession.
Patrick Harker said that with inflation still high, the Fed has not yet come to the end of the road in terms of rate hikes.
The US central bank is expected to announce a fourth consecutive hike of 75 basis points in the federal funds rate at the end of the next meeting of its monetary policy committee on November 2.
In addition to helping the rise in Treasury bond yields, the jobless claims figures and Patrick Harker’s statements ended up overshadowing the good reception reserved for the results and forecasts of certain large listed companies.
Telecommunications giant AT&T gained 7.7% after raising its full-year profit forecast, while IT giant IBM took 4.7% after posting better-than-expected quarterly profit and said it expects to exceed its annual revenue growth target.
The chemical Dow also exceeded expectations with its third quarter profit but fell 0.4% after climbing sharply in early trading.
Tesla, on the other hand, clearly disappointed, saying it was not sure of reaching its annual delivery target due to persistent logistical difficulties. The electric car maker’s stock fell 6.65%.
* The reminder of the session in Europe: [.EUFR]
* TO BE FOLLOWED ON FRIDAY:
(Chuck Mikolajczak report, French version Bertrand Boucey)
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