PARIS (Reuters) – US stock markets are hesitant at Thursday’s opening on Wall Street, dragged down by a set of disappointing quarterly results, and remaining cautious ahead of the Federal Reserve meeting on July 26. The Dow Jones index gained 0.27%, or 95.95 points, to 35,157.16 points, the Standard & Poor’s 500 lost 0.21%, or 9.5 points, to 4,556.22, and the Nasdaq Composite lost 0.61%, or 87.37 points, to 14,270.65. Netflix’s second quarter results, down 7.14%, disappointed US investors, with analysts saying the stock’s valuation remains too high relative to fundamentals. Tesla, which lost 3.92%, also disappointed, with statements from chief executive Elon Musk signaling that the company’s margins will remain under pressure in the near term. The decline in these two values weighed on the Nasdaq, which is very exposed to technology, while other results are expected for the weekend, including American Express, and the following week, urging investors to be cautious.
In addition, the US central bank will meet next week to mark what could be its last rate hike of this cycle, depending on the markets, but a more hawkish speech than expected could surprise investors.
(Report Corentin Chapron, edited by Kate Entringer)
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