(New York) The New York Stock Exchange opened lower on Monday, still looking for a second wind after its rebound in the fall, amid uncertainty about economic conditions.
Around 9:55 a.m. EST, the Dow Jones was down 0.71%, the NASDAQ index was down 0.54% and the broader S&P 500 index was down 0.74%.
On Friday, after the publication of much better than expected employment figures in the United States in November, the indices had retreated before recovering and ending around equilibrium.
Since the early fall low, the S&P has rallied nearly 17% and the Dow nearly 20%.
“With moves like this, it’s natural for the market to go through a consolidation phase, with some of the traders who got into this early on the rebound taking some profits,” Briefing.com’s Patrick O’Hare said in an article. note.
“The question now is whether this is the start of a bull market (bull market) or a fleeting rebound that is doomed to failure,” according to Adam Sarhan of 50 Park Investments.
“Today, the sellers are back in the game, and they are trying to win the battle,” he continued. According to the manager, if the S&P 500 manages to stay above an important technical threshold (the average of the last 200 trading days), “it would be a very favorable sign” for investors.
In addition to the consolidation, the decline in the indices on Monday could be explained, according to Patrick O’Hare, by the heat stroke in oil, as well as a poor indicator of activity in the service sector in China.
Another element likely to displease operators is the slight rise in bond rates. The yield on 10-year US government bonds was 3.55%, down from 3.48% on Friday.
The news will be calm this week on the front of business publications, with the only big names being semiconductor specialist Broadcom and the supermarket chain Costco, both expected on Thursday.
Several macroeconomic indicators are on the agenda, in particular the PPI producer price index and the University of Michigan’s monthly consumer sentiment survey, which will both be released on Friday.
Despite the jump in black gold, which benefited from the entry into force on Monday of the European embargo and the capping mechanism both targeting Russian oil, only a few oil companies were evolving in positive territory, such as Marathon Oil (+ 0.57%) and ConocoPhillips (+0.89%).
Apple advanced (+1.65% to 150.25 dollars), against the tide of most technology companies.
According to the Wall Street Journal, the Cupertino (California) group is currently working to move part of its production from China to other Asian countries, to diversify its sources of supply.
Rolled for more than a year due to a tightening of regulations and the zero-COVID-19 policy of the authorities, Chinese stocks listed on Wall Street continued to rise, whether on the online trading platforms Alibaba ( +0.25%) and JD.com (+0.09%).
Activision Blizzard climbed (+ 1.24% to 76.70 dollars), while, according to the New York Postdissension would emerge within the American Competition Authority (FTC) as to whether or not to challenge the takeover of the video game publisher by Microsoft.
Tesla was in reverse (-5.18% to 184.77 dollars), weakened by the information that the manufacturer of electric vehicles has decided to reduce the production of its model y in China, due to high inventories and sluggish demand in this market.
At the same time, its Chinese competitor XPeng was on the rise (+1.47% to 11.62 dollars). The group announced last week to expect an increase in production in December.
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