The Dow Jones starts on an increase of 0.77% around 4 p.m. and the Nasdaq shows an increase of 0.91%.
The New York Stock Exchange was up Thursday following the opening, continuing its momentum following the slowdown in the rise in prices in the United States.
Around 2:00 p.m. GMT, the Dow Jones took 0.77%, the Nasdaq 0.91% and the S&P 500 0.81%.
On Wednesday, Wall Street celebrated the improvement in inflation to 8.5% over one year in July instead of 9.1% the previous month.
The Dow Jones gained 1.63% to 33,309.51 points, the Nasdaq jumped 2.89% to 12,854.80 points, returning to “bull market” territory and the S&P 500 climbed 2 .13% to 4,210.24 points, reaching its highest level in three months.
“U.S. inflation slowed more than expected in July, reflecting lower energy prices, which might ease pressure on the Federal Reserve to continue raising interest rates aggressively. summed up Art Hogan of B. Riley Wealth.
Investors thus continued to assess the future attitude of the American Federal Reserve (Fed) while following the stronger than expected drop in the consumer price index, it was the turn of wholesale prices on Thursday , to surprise analysts in a good way.
The PPI index fell 0.5% in July compared to June, more than expected, following rising 1.0% in June. Over one year, the rise in producer prices therefore moderated while remaining high at 9.8% once morest 11.3% in June.
On the labor market, on the other hand, weekly claims for unemployment benefits increased, continuing their upward trend, reaching their highest level since November (+14,000 to 262,000).
Enchanted Spring for Disney
As for corporate results, Disney, heavyweight of the Dow Jones, set the tone following announcing good results on Wednesday evening.
Its Disney+ platform attracted 14.4 million new subscribers between March and June, bringing its total to 152 million and reassuring a market worried regarding the risks of saturation of digital services. The entertainment giant’s turnover rose in the third quarter by 26% year on year. The title, which has depreciated by 40% over the past ten months, jumped 8.08% to 121.51 dollars.
Its competitors in streaming profited from the current like Netflix (+2.27%) and Roku (+3.77%) while the title of the Six Flags amusement parks, which showed a drop in its income and its attendance this summer, plunged 21%.
McDonald’s gleaned 0.15% following announcing on Twitter that the fast food chain would reopen stores in Ukraine in the coming months.
Eight out of the eleven S&P sectors were in the green, driven by energy (+2.30%), while oil prices were up, as well as by the communication services sector (+1.70% ) and banks (+1.15%).
Oil companies like Chevron, Exxon or ConocoPhilips earned between 2% and 3%.
In the bond market, yields on 10-year Treasury bills slipped to 2.76% from 2.78%.
The dollar, which had fallen 1% on Wednesday in the wake of slowing inflation, prompting investors to believe that the Fed will be less severe on interest rates, continued to slide, dropping 0.60% once morest the euro. at 1.0359 dollars and 0.44% once morest the main currencies.
