PARIS (Reuters) – The New York Stock Exchange rebounded at the opening on Wednesday with the fall in US bond yields which allows large capitalizations to support the indices, pending the publication at the end of the week of a key inflation indicator.
In early trading, the Dow Jones index gained 53.14 points, or 0.16%, to 33,672.02 points and the broader Standard & Poor’s 500 rose 0.37% to 4,289.37 points.
The Nasdaq Composite takes 0.47%, or 61.09 points, to 13,124.709.
The yield on 10-year US Treasuries, which recently rose to a 16-year high on expectations that rates will remain high for a long time, fell by almost five basis points on Wednesday to 4. 5153%.
The two-year yield is at 5.0665%, compared to 5.13% the day before.
The decline in yields, however, appears to be short-lived, with investors awaiting the publication of the PCE price index in the United States for the month of August, the preferred measure of inflation by the American Federal Reserve ( Fed). Minneapolis Fed President Neel Kashkari also said on Wednesday that he was not yet certain that the central bank was finished with rate hikes while there was ample evidence of the strength of the economy.
In the meantime, technology behemoths and growth stocks like Apple, Microsoft, Tesla and Alphabet, sensitive to changes in interest rates, are gaining 0.1% to 0.8%.
Amazon, for its part, rebounded by 0.05%, the day after a decline of 4% linked to the announcement of a legal complaint filed by the Federal Trade Commission (FTC) for abuse of dominant position.
In corporate results, Costco Wholesale is in the green (+0.44%) after the wholesaler’s publication Tuesday evening of quarterly turnover and profit above expectations.
Levi Strauss takes 2.84%, TD Cowen begins monitoring the jeans manufacturer at “outperformance”.
(Writing by Claude Chendjou, edited by Kate Entringer)
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