2024-10-02 22:30:38
par Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Wednesday, although its main indices advanced marginally, as a certain nervousness dominated the session against a backdrop of escalating conflict in the Middle East and in awaiting employment data in the United States at the end of the week.
The Dow Jones index gained 0.09%, or 39.55 points, to 42,196.52 points.
The broader S&P-500 gained 0.79 points, or 0.01%, to 5,709.54 points.
The Nasdaq Composite advanced 14.76 points (0.08%) to 17,925.12 points.
Israel and the United States vowed to respond to Iran’s missile attack on the Jewish state on Tuesday in response to the assassination in Lebanon of the leader of a Tehran-allied militia and an Iranian commander .
On the sidelines of the geopolitical situation, whose developments they are following, investors are awaiting the publication of the monthly report on employment in the United States, scheduled for Friday, as an epilogue to a week marked by several economic data – weekly unemployment claims are expected on Thursday.
A report released today showed that the US private sector created more jobs than expected in September, confirming the idea that the job market remains strong.
“We have the jobs report on Friday, and then earnings season starts late next week,” noted Michael O’Rourke, chief strategist at JonesTrading in Stamford, Connecticut.
“(The indices) are close to historic highs, and we know the Fed is dovish. Before taking stocks into a new upward cycle, investors want to hear positive comments from companies,” he said . “They’re just waiting for a good reason to push prices higher.”
Wall Street ended September with solid gains after the US Federal Reserve (Fed) initiated monetary policy easing with an atypical 50 basis point interest rate cut, seeking to support the market of employment.
According to FedWatch, traders are betting 65.7% on a rate cut of 25 basis points in November, compared to 42.6% a week earlier.
The strike movement of 45,000 dock workers on the East Coast of the United States entered its second day on Wednesday, without, according to sources, negotiations having yet been scheduled between the two camps.
This strike costs the American economy around $5 billion per day, according to analysts at JPMorgan.
Note during the session, on the values side, the 1.6% increase in Nvidia, which contributed to the gains in the technology sector of the S&P-500.
Nike fell 6.8% after withdrawing its annual revenue forecast just before a new chief executive took office. Tesla lost 3.5% following lower-than-expected third-quarter vehicle deliveries.
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(Written by Jean Terzian)
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