(New York) The New York Stock Exchange was hesitant on Monday after the opening started slightly in the red before recovering, following a negative week for the three main indices.
The Dow Jones index was up 0.07%, the tech-heavy NASDAQ was up 0.55% and the broader S&P 500 index was up 0.27% by 10 a.m. ET.
Friday, cooled by the strict attitude of central banks to inflation, the Dow Jones index, down all week, had lost 0.65% to 33,727.43 points. The tech-heavy NASDAQ fell 1.01% to 13,492.52 points and the S&P 500 fell 0.77% to 4348.33 points.
Over the week, the NASDAQ interrupted an eight-week upward cycle with a weekly loss of 1.44%. The S&P 500 fell 1% after five weeks of gains and the Dow Jones shed 1.67% after being in positive territory for three weeks.
“Investors have been watching for aggressive central bank tightening overseas, such as the Bank of England, which raised its key rate by half a point, more than expected, and central banks in Switzerland, Norway and of Turkey,” noted Art Hogan of B. Riley Wealth Management.
“There are signs that central bank action is finally cooling the economy in Europe, while activity has also slowed in the United States, but less dramatically,” added the analyst.
Investors will hear from Federal Reserve (Fed) Chairman Jerome Powell again this week during two speeches he is scheduled to make in Portugal and Spain on Wednesday and Thursday.
In terms of indicators, consumer confidence in the United States will be gauged for the month of June, but above all, the Fed’s preferred measure for assessing inflation, the PCE index, will be published on Friday for the month of May.
The markets will also have a sense of the momentum of the consumer, the engine of American growth, with the evolution of income and especially household spending for May.
As for values, a large majority of sectors were in the green starting with energy (+1.33%) while oil prices were slightly in the green, attentive to the geopolitical situation with Russia.
The Tesla action, which had opened lower, stabilized (+0.00%) at 256 dollars despite a further downgrading of the title by a bank, this time Goldman Sachs. That of Alphabet (Google) lost 1%, also suffering the degradation of a bank opinion.
The vaccine manufacturer Moderna climbed 1.11% benefiting from a better appreciation of the potential valuation of the group by the bank UBS.
The Pfizer laboratory, on the other hand, fell by 5.18% when the group announced the cessation of the development of an experimental drug against obesity, lotiglipron, which seems to have a bad effect on the liver.
Genius Brand International Animation Studios has changed its name to Kartoon Studios and will be listed on the NYSE rather than the NASDAQ. The action dropped 0.93%.
In the bond market, yields on ten-year Treasury bills were stable at 3.73%.