PARIS (Reuters) – The New York Stock Exchange opened in the red on Wednesday and the dollar rose after strong retail sales figures in the United States, which could encourage the Federal Reserve to continue its efforts to slow the economy.

In early trading, the Dow Jones index lost 155.77 points, or 0.46%, to 33,933.5 points and the broader Standard & Poor’s 500 fell 0.48% to 4,116.47 points.

The Nasdaq Composite lost 0.32%, or 38.322 points, to 11,921.823.

Among economic indicators released before the opening, retail sales rebounded 3% in January, their biggest increase since March 2021, and the Empire State activity index beat expectations.

“While the resilience of consumer spending is a positive sign for the health of the economy, renewed demand for categories with limited supply could amplify inflationary pressures, which could prompt more aggressive Fed action. “said Kayla Bruun, economic analyst at Morning Consult.

The dollar accentuated its gains against a basket of benchmark currencies, taking 0.71%, and the yields of US government bonds rose, the two-year to 4.6288% and the ten-year to 3.7818%.

Airbnb and Tripadvisor take 9.92% and 3.96% respectively after posting better-than-expected results thanks to strong demand.

Kraft Heinz advances by 0.68%, the quarterly sales of the agri-food group having increased more than expected, and the laboratory Biogen abandons 1.50% after reporting disappointing forecasts for sales of its treatment for Alzheimer’s disease.

The car manufacturer Tesla (+ 1.99%) benefits from a recommendation from Barclays to “overweight”.

(Written by Laetitia Volga, with Lucia Mutikani in Washington, edited by Tangi Salaün)

Copyright © 2023 Thomson Reuters