(News Bulletin 247) – Wall Street lost some ground on Tuesday after the publication of a solid statistic likely to reinforce the caution of the Fed: the Dow Jones fell 0.1% to 32,394 points, while the Nasdaq Composite fell more than 0.4% to 11,716 points.
Shortly after the opening, the Conference Board’s consumer confidence index came out at 104.2 in March, against 103.4 in February, while the consensus expected it to decline slightly due to the recent turbulence affected the financial markets.
In detail, the component of the judgment of American consumers on their current situation fell back to 151.1, against 153 the previous month, but that measuring their expectations recovered to 73, after 70.4 in February.
This good surprise concerning household morale confirmed the resistance of the world’s largest economy, and therefore the growing skepticism concerning the advisability of a possible cut in the Fed’s rates.
According to the CME Group’s ‘FedWatch’ barometer, investors estimated at just 50% the probability of a rate hike of a quarter point in key rates after the FOMC in May, compared to 40% last month. day before.
In stock news, Walgreens Boots Alliance rose 2.7% despite quarterly adjusted EPS down 27% for the drugstore chain, reflecting lower volumes of vaccines and tests against Covid-19.
Paramount climbed 3.1%, supported by a note from Bank of America in which the latter raised its recommendation on the stock of the media and entertainment group to buy, against ‘neutral’ previously.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
