PARIS (Reuters) – The New York Stock Exchange opened lower on Tuesday before a highly anticipated indicator of services activity and while a burst of indicators and monetary policy events will liven up trading this week.
In early trading, the Dow Jones index lost 99.21 points, or 0.25% to 38,890.62 points and the broader Standard & Poor’s 500 fell 0.43% to 5,108.75 points. The Nasdaq Composite lost 0.84% or 135.42 points, to 16,072.09.
The ISM services indicator for February is due at 15:00 GMT, and should show that activity remains expanding in the tertiary sector.
While the price dynamics of manufactured goods and energy have once again become consistent with the Federal Reserve’s 2% inflation target, services inflation remains resilient.
A stronger indicator than expected would be an unpleasant surprise and could prompt markets to lower their expectations for monetary easing in 2024.
Several indicators on labor markets, the Fed’s Beige Book and two speeches from the president of the institution, Jerome Powell, are expected from Wednesday.
In terms of values, Apple lost 2.2% in reaction to a report from research firm Counterpoint according to which the group’s iPhone sales in China fell 24% year-on-year during the first six weeks of this year.
Advanced Micro Devices fell 2.6% after information from the Bloomberg agency according to which the American administration wants to block the group’s efforts to develop and market a chip intended for artificial intelligence for the Chinese market.
(Written by Corentin Chappron, edited by Blandine Hénault)
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