Traders work at the Wall Street Stock Exchange
couple Carolina Mandl
NEW YORK (Archyde.com) – The New York Stock Exchange ended lower on Thursday as U.S. Treasury yields rose, seeing initial gains wane amid renewed optimism about the economy. Federal Reserve (Fed) policy after jobs data, and overshadowing strong results.
The Dow Jones index fell 0.73%, or 249.13 points, to 33,699.88 points.
The broader S&P-500 lost 36.36 points, or 0.88%, to 4,081.50 points.
The Nasdaq Composite fell for its part by 120.94 points (1.02%) to 11,789.58 points.
Major Wall Street indices moved lower following an unsuccessful auction of US Treasuries early in the afternoon, contributing to higher yields on 30-year and stop the positive dynamic seen so far during the session.
This positive momentum resulted in particular from the publication of the number of weekly jobless claims in the United States, which came out above expectations, with the effect of reassuring investors about the aggressiveness of the Fed in its fight against inflation this year.
US jobs data released last Friday surprised markets and shook markets, as did comments from Fed officials suggesting on Wednesday that the US central bank could keep interest rates high for longer than expected.
Wall Street is off to a positive start to the year on hopes that the Federal Reserve will continue to ease monetary policy and support a soft landing for the economy.
Investors are also watching quarterly results. While more than half of S&P-500 companies reported results, 69% beat expectations, according to Refinitiv data.
All major sectors of the S&P-500 ended the session in the red.
Despite the publication of solid results on Tuesday and the simultaneous announcement of a restructuring plan with the elimination of 7,000 jobs, Disney recorded a drop of 1.27%.
Already in decline the day before, Alphabet fell again, by 4.7%, weighing on the S&P-500 and the Nasdaq.
PepsiCo ended slightly higher after reporting better-than-expected results.
Cardiovascular Systems jumped more than 48% as Abbott Laboratories announced it would acquire the medical device maker for about $837 million.
(French version Jean Terzian)