(News Bulletin 247) – The New York Stock Exchange should open slightly lower on Friday morning, at the start of a session that promises to be relatively calm on the eve of the long Easter weekend.
Half an hour before the opening, futures on the main New York indices fell 0.1% to 0.4%, announcing a cautious start to the session.
Volumes traded are expected to be thin in this last session of the week, as US equity markets will be closed tomorrow for Good Friday.
At this stage of the week, the Dow Jones is nonetheless preparing to complete a new weekly increase (+0.6%), ie a third consecutive week of increase.
A certain wait-and-see attitude should nevertheless prevail on the eve of the publication of the monthly figures for job creation in the United States, which will help to draw up the health assessment of the world’s largest economy.
This morning’s announcement of weekly jobless claims down from 18,000 to 228,000 last week reinforced the scenario of a job market still as solid.
But the state of the US economy has been worrying investors for the past few days, even if some strategists believe that Wall Street is ignoring the increasingly clear prospect of a recession.
“We expect the S&P 500 index to fall back by the end of 2023, largely because analysts are still a long way from pricing in a US recession, which we consider highly likely after the recent banking crisis.” underline the Capital Economics teams.
‘We expect the index to fall back to a low of 3,500 points during the third quarter, before starting a recovery,’ predicts the London-based research office.
The day promises to be just as calm on the foreign exchange market, where the dollar is recovering slightly against all currencies, in particular against the euro which is back at 1.0890.
Little movement either on the debt front, with ten-year Treasuries continuing to fall towards 3.28%.
On the NYMEX, oil prices also continue to show some weakness, weakened by fears that the current economic slowdown will turn into a global recession.
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