(News Bulletin 247) – The New York Stock Exchange moved in dispersed order Thursday at the start of a session once again marked by renewed tension in the bond market.

At the end of the morning, the Dow Jones gained 0.4% to 32,778.6 points, helped by the jump in the Salesforce title, while the Nasdaq Composite fell 0.5% to 11,321.1 points.

The S&P 500 index fell back by 0.2% to 3942 points.

After two consecutive sessions of declines for the S&P, caution continues to dominate trading, with investors still looking very concerned about the evolution of bond yields.

On the rates market, the yield on 10-year Treasuries is now moving well above 4%, a threshold that had not been reached for more than four months and which is considered critical by some analysts.

The rise in long-term rates was prompted by the release of stronger-than-expected inflation data in recent weeks and by statements from several Fed members calling for further rate hikes of 50 basis points.

From a technical point of view, soaring yields penalize equities by increasing the attractiveness of Treasury bills and leading to arbitrages in favor of bonds, made more attractive by their remunerative rates.

The rise in bond yields and the greenback amplified following the publication this morning of the weekly unemployment claims figures.

This statistic fell only 2,000 during the week of February 20, to settle at 190,000 against 192,000 the previous week, according to the Labor Department.

The undeniable strength of the job market is leading investors to anticipate further rate hikes from the Federal Reserve, which is seeking to control inflation by curbing economic activity.

Another indicator published before the opening, non-agricultural productivity increased by only 1.7% in the United States in the fourth quarter, according to a second estimate from the Department of Labor which had announced a rate of 3% in first reading. a month ago.

Given a 4.9% increase in hourly wages, unit labor costs increased by 3.2% in the last quarter of 2022, instead of 1.1% at first reading, which again reinforces fears around inflation.

Biggest rise in the Dow Jones, the cloud-based enterprise software giant Salesforce climbed 12% the day after it announced, in its quarterly results, an increase in its buyout program. shares at $20 billion.

Macy’s rises more than 8% on better-than-expected quarterly results during the crucial holiday season, even as the department store group braces for a tougher 2023.

Best Buy fell 2% despite its board of directors approving a 5% increase in the quarterly dividend to $0.92 per share when it released quarterly results.

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