2023-05-09 20:25:00
by Carolina Mandl and Caroline Valetkevitch
NEW YORK, May 9 (Archyde.com) – The New York Stock Exchange ended lower on Tuesday as investors showed heightened caution ahead of the release of consumer prices amid further talks expected at Washington to try to break the deadlock on raising the debt ceiling.
The Dow Jones index fell 0.17%, or 56.88 points, to 33,561.81 points.
The broader S&P-500 fell 18.95 points, or 0.46%, to 4,119.17 points.
The Nasdaq Composite fell for its part by 77.36 points (0.63%) to 12,179.55 points.
Anxiously awaited by investors, the monthly report on consumer prices, which the US Department of Labor will publish on Wednesday, will determine whether inflation has continued to slow.
It might also give indications on the continuation of monetary policy from the US Federal Reserve (Fed), which hinted at a possible pause in its rate hike campaign following its meeting earlier this month.
While more data is expected this week, including U.S. producer prices and consumer confidence, investors are also keeping an eye on negotiations on raising the U.S. debt ceiling, as the risk of default on the debt on June 1.
Faced with the deadlock on the issue in Congress, Democratic President Joe Biden was due to meet late followingnoon with Republican House of Representatives “speaker” Kevin McCarthy and other House leaders. .
PayPal plunged 12.73% and weighed on the S&P-500 and the Nasdaq following lowering its margin forecast.
Skyworks Solutions, a supplier to Apple, declined 5.15% following saying it expected revenue and profit for the current quarter to fall below expectations.
“Companies have beaten expectations overall, but earnings season is still rocky, and today we had weaker earnings. It’s weighing on the market,” commented Tim Ghriskey, strategist at Ingalls & Snyder. in New York, noting that talk of the debt ceiling was fueling market caution.
Among other stock moves of note, Boeing rose 2.34% following Ryanair’s announcement of a multi-billion dollar order.
Novavax jumped 27.79% following saying it planned to cut its global workforce by 25%.
(French version Jean Terzian)
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