(Reuters) – The New York Stock Exchange opened slightly higher on Wednesday, the market digesting consumer price figures in the United States, which experienced their strongest increase in more than a year in August even if the increase underlying inflation remained moderate.
In early trading, the Dow Jones index gained 0.07% to 34,668.69 points and the broader Standard & Poor’s 500 gained 0.14% to 4,468.70 points.
The Nasdaq Composite gained 0.3% to 13,817.64 points.
Highly awaited data published Wednesday by the American Department of Labor show that the consumer price index (CPI) experienced its strongest increase in more than a year in August due in particular to the increase in the price of gasoline, increasing by 0.6% after two consecutive increases of 0.2% in July and June.
The basic price index (“core CPI”), which excludes food products and energy, for its part increased a little more than expected over one month, by 0.3% against an estimate of 0.2 %.
“It’s still disappointing for investors because we would like to see a straight line downward for inflation,” said Kim Forrest, chief investment officer at Bokeh Capital Partners, who still expects a status quo on Fed rates next week.
“We believe the FOMC (Federal Open Market Committee) will pause this month, but will raise rates one last time in November and keep them high until mid-2024, barring a recession which we don’t anticipate,” said Sam Stovall, strategist at CFRA Research.
The Fed is due to make its monetary policy decision on September 20.
In terms of values, Ford, which announced its intention to double production of its F-150 hybrid pick-up in 2024, gained 2.4% at the opening.
Airlines Sprit Airlines and American Airlines lose 2.8% and 5% respectively after reducing their outlook for the third quarter.
Moderna, whose mRNA-1010 flu vaccine met its primary goal in a clinical trial, takes 6%.
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(Written by Diana Mandiá, edited by Blandine Hénault)
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