(News Bulletin 247) – The New York Stock Exchange erased its initial gains on Wednesday morning under the effect of an accentuation of the decline in oil prices in a context still marked by high volatility in trade.
One hour after opening, the Dow Jones fell 0.1% to 33,102.2 points, while the Nasdaq Composite dropped 0.3% to 11,456 points.
US equity markets had initially opened in the green, beginning to rebound after suffering their worst setback since the start of the year yesterday, which resulted in losses of more than 2%.
But the rise at the start of the day came on the basis of reduced scores, which betrayed a lack of conviction on the part of buyers in the absence of real catalysts.
A selling trend in the energy sector was particularly successful in the attempt to recover the indices, with a decline of 1.6% to 75.1 dollars a barrel of American light crude oil (WTI) before the publication of stocks of ‘essence.
With the fall in oil, the S&P energy sector index fell by 1%, posting the largest drop of this beginning of the session, due to the decline of heavy weights such as Chevron (-1%) or ExxonMobil ( -1.7%).
On the debt front, Treasuries rose a little after their surge in recent days, with the yield on 10-year US government bonds falling back below the 2.92% threshold.
As for values, Intel fell back by 0.5% after announcing a division by three of its dividend in order to preserve its cash in a context of economic uncertainty.
The VIX index measuring the implied volatility of the S&P – which had risen sharply at the start of the week – slowed the pace this morning to post a gain of only 1.5% to 23.2.
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