Posted Jan 9, 2023, 10:51 PM
par Caroline Valetkevitch
NEW YORK, Jan 9 (Archyde.com) – The New York Stock Exchange ended in disarray on Monday as expectations of a less aggressive monetary policy from the U.S. Federal Reserve (Fed), which benefited big stocks technology, have been overshadowed by lingering inflation fears.
The Dow Jones index fell 0.34%, or 112.96 points, to 33,517.65 points.
The broader S&P-500 fell 2.99 points, or 0.08%, to 3,892.09 points.
The Nasdaq Composite rose by 66.36 points (0.63%) to 10,635.65 points.
Rising at the start of the session, the S&P-500 ended up falling into the red, while the Nasdaq closed below its peak for the day.
Investors are awaiting Tuesday’s speech from Fed chief Jerome Powell, who analysts say is expected to say more time is needed to determine whether inflation is under control.
A 25 basis point rate hike is widely expected by the markets at the US central bank’s February monetary policy meeting.
However, consumer price data released Tuesday may influence expectations for upcoming rate hikes, said Quincy Krosby, chief strategist at LPL Financial in Charlotte, North Carolina.
This week also marks the start of the quarterly results season, which will be opened by the major American banks.
Among the major sectors of the S&P-500, the technology sector finished higher, on the back of a decline in the yield of US Treasuries.
On the stock side, Amazon rose 1.5% following Jefferies said it expected less inflationary pressures for the e-commerce giant in the second half of 2023.
Tesla jumped 5.9% as announced longer delivery times for some versions of its Model Y in China suggested that the electric vehicle maker’s recent price cut may have fueled demand.
Macy’s and Lululemon Athletica fell 7.7% and 9.3%, respectively, following disappointing quarterly guidance.
(French version Jean Terzian)
