PARIS (Reuters) – The New York Stock Exchange opened on a stable note on Monday, investors this week awaiting the results of the heavyweights of new technologies and indicators of economic activity and inflation in the United States which could influence Fed decisions next month.
In early trading, the Dow Jones index gained 14.02 points, or 0.04%, to 33,822.98 points and the broader Standard & Poor’s 500 rose 0.04% to 4,135.54 points.
The Nasdaq Composite lost 0.01%, or 1.32 points, to 12,071.13.
Alphabet (+0.40%), Microsoft (-0.85%), Amazon (+1.54%) and Meta Platforms (+0.12%), which represent more than 14% of the value of S&P companies 500 publish their financial accounts this week. A rally in these securities has supported Wall Street since the start of the year and investors are looking to determine whether the upturn can continue based on the forecasts that these groups will publish.
“Not only do these companies need to exceed earnings expectations, but they also need to show a reacceleration in EPS (earnings per share) growth in the second quarter and beyond (…) that’s what Wall Street research,” said Nicholas Colas, co-founder of DataTrek Research.
In today’s financial releases, Coca-Cola reported better-than-expected revenue and profit, helping the stock gain 1.20%.
Of the 90 S&P-500 companies that have already reported results, 77% reported earnings above analysts’ expectations, according to IBES data from Refinitiv, compared with a long-term average of 66%.
Bed Bath & Beyond plunged 19.28%, the American distribution brand specializing in the sale of household items having announced on Sunday that it had started a safeguard procedure in the United States for failing to raise enough funds to stay afloat.
On the economic indicators side, the market will take note at the end of the week of the estimate of the American GDP for the first quarter, the figures for household income and expenditure in the United States for the month of March, as well as the PCE price index. , closely followed by the American Federal Reserve (Fed) which meets on 2 and 3 May.
(Written by Claude Chendjou, edited by Kate Entringer)
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