The Dow Jones starts with a drop of 0.66%, the Nasdaq of 0.78% and the S&P 500 of 0.56%.
The New York Stock Exchange fell at the opening on Wednesday as oil prices rose once more and US President Joe Biden is preparing to travel to Europe to discuss sanctions once morest Russia.
Around 1:15 p.m. GMT, the Dow Jones dropped 0.66%, the Nasdaq lost 0.78% and the S&P 500 fell 0.56%.
On Tuesday, Wall Street ended higher for its fifth of six sessions, suggesting the market was on track to recover from the early-year correction.
The Dow Jones Industrial Average was up 0.74% at 34,807.46 points. The high-tech Nasdaq climbed 1.95% to 14,108.82 points. The S&P 500 extended index gained 1.13% to 4,511.61 points.
“It’s a good proof of resilience given how far the market has come in such a short time,” welcomed Patrick O’Hare of Briefing.com.
The analyst remained optimistic regarding “the possibility that the rebound momentum will continue” on Wednesday.
Markets continued to face uncertainty over the war in Ukraine and inflationary pressures that encouraged the US Federal Reserve (Fed) to adopt a tighter stance on rates.
Bond yields on 10-year Treasury bills, which influence mortgages, remained high at 2.34%, the highest since May 2019 following climbing sharply above 2.39% the day before.
“Fed monetary policy tightening is further expected to intensify following comments this week from Chairman Jerome Powell that were more hawkish on inflation than last week,” analysts said. by Schwab.
Oil prices rebounded, climbing more than 4% to exceed $120 a barrel for Brent, as the US president begins a diplomatic marathon in Europe that might lead to new sanctions once morest Russia following his invasion of Ukraine.
Rare S&P sector to evolve in the green, the energy sector (+2.43%) benefited from the surge in black gold prices such as Occidental Petroleum (+4.66%), Exxon Mobil (+2.88 %) or Chevron (+1.64%).
Eight out of eleven sectors were in negative territory, led by information technology (-1.45%).
The Adobe software group lost 7.60% to 430.83 dollars following announcing good results for the second quarter of its fiscal year but disappointing forecasts.
The food giant General Mills jumped 5.33% to 66.07 dollars while its quarterly financial results exceeded expectations.
The action of the chain of video game stores GameStop, which had led a year ago on Wall Street the viral rebellion of amateur shareholders, jumped 10.89% to 135.91 dollars. Board Chairman Ryan Cohen said he purchased $100,000 worth of GameStop stock.
Another title, that of the AMC cinemas, with the potential for viral mobilization of online investors as well, gained 2.41% to 18.73 dollars.
