(News Bulletin 247) – The New York Stock Exchange should open in dispersed order on Friday morning, a new batch of mixed company results having further undermined investor optimism.
Half an hour before the start of trading, the ‘future’ contract on the Dow Jones advanced by 0.1%, but that on the Nasdaq fell by 0.2%, announcing a hesitant opening.
In the absence of leading economic indicators, it is once again the publications of company results that are driving the rating this morning.
Among the groups that published their accounts before the opening, Procter & Gamble is expected to rise by 2% after raising its growth forecast for 2023 due to the strength of its selling prices.
SLB, the former Schlumberger, on the other hand, is shunned despite a solid start to the year, which saw it increase its turnover by 30% in the first quarter for an EPS up 85%.
In the end, the rather mixed impression left by this first week of the earnings season leaves the major Wall Street indices at a standstill.
Since Monday, the Dow Jones has fallen 0.3%, while the Nasdaq Composite has lost 0.5% over the last four trading days.
In terms of statistics, investors will take note at the start of the session of the S&P Global PMI index measuring activity within the American private sector.
In the services sector as in the manufacturing industry, a decline in the index is looming in April.
‘With the bankruptcy of SVB, access to credit is reduced, which constitutes a negative development for the business climate’, recalls an analyst.
‘We must also take into account the tightening of monetary policies, which continues to have its effects on demand,’ he concludes.
The session will also be dominated by the expiry of index ‘futures’ and options contracts, a conjunction known as the ‘three witches’ day which usually generates volatility.
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