2023-09-12 13:36:47
The New York Stock Exchange opened lower on Tuesday, with investors opting for caution following a rebound the day before, as the publication of a series of major indicators looms later this week.
Around 2:00 p.m. GMT, the Dow Jones fell 0.18%, the Nasdaq index returned 0.13% and the broader S&P 500 index lost 0.21%.
Monday’s session was marked by a return of risk appetite, favorable to stocks, but the tide quickly turned.
“Investors who see the market going up are battling with those who are betting on a decline,” observes Adam Sarhan of 50 Park Investments. The fight has been raging since July “and we are moving up and down, within narrow margins.”
Wall Street is struggling all the more to get out of the doldrums as the giant capitalizations that carried the place during the first half of the year are running out of steam.
Superstar of the rating since the start of the year (+209%), Nvidia (+0.37%) has suffered the blow in recent weeks and dropped almost 9% in September.
On Tuesday, Meta (-0.98%), Amazon (-0.90%) and Microsoft (-0.71%) were in the red.
For Adam Sarhan, Tuesday, devoid of major macroeconomic indicators and company results, should be guided by technical elements, “because fundamental data is expected later this week.”
Operators are watching the CPI price index for August on Wednesday, retail sales on Thursday, and the latest edition of the consumer sentiment survey, which will be published on Friday by the University of Michigan.
On a technical level, the session will notably be played out, according to Adam Sarhan, on the ability of the S&P 500 index to remain above its average over the last 50 trading days, a threshold considered major, below from which he descended at the opening.
Calm reigned on the bond market, where the yield on 10-year US government bonds was unchanged compared to the previous day at close, at 4.28%.
On the market, the software publisher and remote computing provider (cloud) Oracle fell (-12.70%), following publishing, Monday following the stock market, a turnover slightly lower than expectations and forecasts judged disappointing.
“Oracle’s results reminded Wall Street that it will be difficult for cloud players to keep up with Amazon, Alphabet and Microsoft,” Oanda’s Edward Moya said in a note. “The bar has been set too early. It appears the pie may not be big enough for all AI companies.”
Apple fell (-0.74%), while the Apple firm is due to present the new iPhone 15 on Tuesday, at 5:00 p.m. GMT, a test for the flagship smartphone in a slowing cell phone market.
Disney remained well oriented (+1.96%) following the agreement on Monday with the cable operator Charter Communications (+0.44%), which will allow around 15 million American cable television subscribers to ‘access the group’s flagship channels, mainly ABC and ESPN (sport).
The aeronautical company RTX (formerly Raytheon) continued its slide (-3.85%), the day following a profit warning linked to a problem on the engines of its subsidiary Pratt & Whitney, which notably equips the Airbus A320 neo.
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