2023-10-31 20:02:15
The New York Stock Exchange ended modestly higher on Tuesday, the last session of a month which remains negative for the indices, for the third time in a row, before a monetary policy decision on Wednesday.
The Dow Jones index gained 0.38% to 33,052.87 points, the Nasdaq, with its strong technological coloring, advanced 0.48% to 12,851.24 points and the broader S&P 500 index gained 0.65%. at 4,192.80 points.
The American central bank (Fed) began a two-day meeting on Tuesday after which it should announce that it is leaving interest rates unchanged, markets estimate.
“I don’t think she’s going to move,” summed up Jack Ablin of Cresset.
The analyst even doubts that the Fed will raise key rates again later this year or early next year. “Among the third quarter company results, we can see signs of fatigue among consumers who are spending more than they receive,” summarized Mr. Ablin.
This loss of consumer dynamism was reflected Tuesday in the Conference Board’s confidence index for October. This barometer deteriorated for the third month in a row, falling to 102.6 points compared to 104.3 points in September.
“Consumers remain concerned about rising prices in general, and particularly for food and gasoline. They also express concern about the political situation and rising interest rates,” Dana explained. Paterson, chief economist of the Conference Board.
“I suspect that we will have weaker growth in the coming quarters, we will see a slow slowdown,” predicted Jack Ablin.
For Art Hogan of B. Riley Wealth Management, the stock market is “oversold” but the analyst is counting on major catalysts this week to turn things around, whether it’s the Fed or Apple’s results expected on Thursday.
On the bond market, ten-year rates remained in the same range at 4.90% compared to 4.89% the day before.
On the market, Caterpillar, a heavyweight on the Dow Jones, weighed on the index of star values falling 6.66% to 226 dollars.
When announcing results, although better than expected in the third quarter, investors focused on the slowdown in sales growth of the construction equipment giant. Its turnover has declined in Latin America and Asia.
First sanctioned for its loss in the third quarter, the Pfizer laboratory finally stagnated at $30.55.
Between July and September, its turnover fell by 42% year-on-year to 13.23 billion, due to a reduction in sales linked to products against Covid.
The biotechnology laboratory Amgen fell 2.85% despite a better-than-expected quarterly profit, however overshadowed by slightly weaker sales at $6.9 billion.
The low-cost airline JetBlue took a nosedive (-10.48% to 3.76 dollars) as the lawsuit filed by the government to oppose its acquisition of its rival Spirit Airlines began in Boston. .
Spirit accepted JetBlue’s $3.8 billion offer last July, which raised opposition from competition authorities. Spirit Airlines fell 12.10% to $11.48.
The social network Pinterest soared 19.16% to $29.91. Its quarterly results and sales ($763 million) were much better than expected.
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