(New York) The New York Stock Exchange opened in scattered order on Thursday, attempting a rebound after two straight sessions of declines, with lingering inflation still in the backdrop.
At around 9:50 a.m., the Dow Jones was down 0.12% to 36,038.27 points, while the technology-heavy NASDAQ index was up 0.73% to 15,737.05 points and the broader S&P index 500, 0.27% to 4659.38 points.
The bond market is closed Thursday, a public holiday in the United States dedicated to veterans, when volumes could be limited on stocks.
“The mood is on the rebound after yesterday’s losses,” said Patrick O’Hare of Briefing.com. “It remains to be seen whether this is just a wave of cheap buying or something that can hold until the close,” he added, in a note.
“In other words, is it transient or persistent? “, Asked the analyst, referring to the debate on the nature of the inflationary surge currently observed.
On Wednesday, the US inflation figure for October stood at the highest annual level since 1990, leading traders to question a possible turnaround by the US Central Bank (Fed), which is hanging on so far to the scenario of temporary high inflation.
For Peter Boockvar, head of investment at Bleakley Advisory Group, with the earnings season over, inflation and the start of monetary normalization by the Fed with the slowdown in asset purchases “going to be the dominant one” in mind. investors.
On the stock market, after its triumphant IPO on Wednesday, the electric vehicle manufacturer Rivian was still highly sought after by investors (+ 9.66%), who once again propelled its market capitalization well beyond 100 billion dollars ( 108).
The action of its competitor Tesla was gaining height (+ 0.84%) after the publication of documents indicating that its chief executive Elon Musk sold some five billion dollars of shares of the manufacturer of electric vehicles between Monday and Wednesday.
No magic for Disney, sanctioned (-8.20%) after results deemed disappointing, in particular for its online video services. Disney + has thus gained only 2 million subscribers in a quarter while analysts expected the quadruple.
The entertainment giant still expects a range of 230 to 260 million paying Disney + subscribers by the end of 2024.
E-commerce site JD.com jumped (+ 5.60%), after revealing that its platform had recorded almost 50 billion dollars in sales in half a day on the occasion of the Singles Day in China, largest e-commerce event in the world.
Its competitor Alibaba also benefited from the momentum (+ 2.44%), as was the Pinduoduo platform (+ 3.86%), also listed on Wall Street.
The specialist in plant-based meat substitutes Beyond Meat sank into the red (-18.17%), weighed down by results below expectations. The group reported a lack of manpower and supply chain disruptions.
Boeing was up (+ 1.83%) after the announcement on Wednesday evening of a memorandum of understanding to compensate the relatives of the victims of the crash of the Ethiopian Airlines 737 MAX which left 157 dead in March 2019.
The financial company Affirm, which has become the symbol of the emergence of online credit purchases, was in orbit (+ 16.78%) after announcing the strengthening of its partnership with the giant Amazon (+ 1.56%).
All purchases of $ 50 or more made on Amazon can now be staggered with the assistance of Affirm.
The Tapestry group, which controls several fashion brands, stood out (+ 9.01%) thanks to results exceeding expectations, boosted by its Coach brand, whose sales are 15% higher than their level there. two years before the pandemic.