(New York) The New York Stock Exchange moved slightly in the green on Tuesday, seeming to catch its breath after last week’s sharp rise, while several members of the Fed must speak this week.
The Dow Jones index gained 0.05% and the S&P 500 0.06%. The NASDAQ, with a strong technological coloring, began its eighth session in a row in positive territory, advancing 0.38%.
After experiencing their best week of the year, the indices finished slightly higher the day before. The Dow Jones gained 0.10% to 34,095.86 points, the NASDAQ advanced 0.30% to 13,518.78 points and the S&P 500 gained 0.18% to 4,365.98 points.
The lack of momentum in the indexes on Tuesday “is not a big deal, but it appears that the market is looking to catch its breath after last week’s huge gains,” commented Patrick O’Hare of Briefing.com.
“In any case, it’s not a surprise at all. On the contrary, we need a little oxygen for the market, because everyone expects a period of consolidation,” added the analyst.
Investors were weighing the US trade deficit data for September which increased more than expected to $61.5 billion (+5%) due to an increase in imports. This figure reflects the stockpiling of American companies before the holiday season.
But at this rate over the whole of 2023, the deficit promises to be the lowest in three years, which could be a sign of the slowdown in economic activity.
In the second part of the session, data on consumer credits will be published and several officials from the central bank (Fed) will speak. On Monday, Minneapolis Fed President Neel Kashkari said it was too early to declare victory against inflation.
On the bond market, yields on 10-year Treasury bills eased slightly to 4.60% compared to 4.64% the day before while they had climbed to 5% two weeks ago, a high in 16 years old.
The market will absorb the issuance of $112 billion in debt by the US Treasury this week, including $48 billion in 3-year bonds, recalled Patrick O’Hare of Briefing.
On the value side, WeWork disappeared from the stock market while the former star of shared offices filed for bankruptcy Monday evening.
The group has placed itself under the protection of Chapter 11 of the bankruptcy law and hopes to succeed in negotiating a “significant” reduction in its debt and to “end the leases of a certain number of locations” which do not generate any income for it. not enough money.
WeWork was once valued at up to $47 billion, but its stock was worth only 80 cents Monday evening at the close of the New York Stock Exchange, for a market capitalization of $44.49 million.
The chauffeur-driven vehicle (VTC) and meal delivery reservation platform Uber announced less good results than expected for the third quarter with a turnover of 9.3 billion dollars against 9.5 billion expected. This is still 11% more than the year before. Uber’s stock fell 0.29%, that of its competitor Lyft slipped more than 1%.
The securities of automobile manufacturers dropped more than 2% for General Motors, 1.50% for Ford and 1.25% for Stellantis.