(News Bulletin 247) – After a favorable opening, the New York Stock Exchange headed lower on Tuesday, with market players hesitating to start buying again following a series of contrasting quarterly results.
At the end of the morning, the Dow Jones fell 0.4% to 33,848.9 points, while the Nasdaq Composite fell 0.1% to 12,145.4 points.
In the aftermath of a moderately convincing rebound, investors are encouraged to take a breather in the wake of the rather disappointing performances of giants like Goldman Sachs and Johnson & Johnson.
On the Dow, the title Goldman loose more than 2% following the presentation of a profit better than expected in the first quarter, but the announcement of income much lower than the consensus.
Bank of America (-1.4%) follows suit although the banking group did better than expected over the past quarter thanks to the rise in interest rates.
Another value of the Dow in difficulty, J&J yields 2.4%, investors snubbing the increase in the annual targets of the pharmaceutical group, which did better than expected in the first three months of the year.
Tonight, it will be Netflix’s turn to release its quarterly results after the close of Wall Street.
On a sectoral level, technology (+0.4%), industry (+0.2%) and consumption (+0.1%) are resisting the trend. Conversely, health (-0.7%) shows the biggest drop of the day.
The CBOE volatility index, a barometer of investor nervousness, is rising slightly, beyond 17 points, following its spectacular decline in recent days.
The risk aversion that affects the equity markets is reflected in a decline in assets deemed the safest, such as government bonds, with the key to a decline in yields of US Treasury bonds.
That of ten-year Treasuries is back towards 3.55% after having exceeded 3.60% at the start of the session.
Oil prices rose 0.4% to 81.1, in a market reassured by the announcement of stronger than expected growth in China in the first quarter, which came to allay fears of a global recession.
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