(News Bulletin 247) – The New York Stock Exchange fell again on Tuesday in a market struggling with an avalanche of often rather unwelcome quarterly results: the Dow Jones lost 1% to 33,531 points and the Nasdaq Composite, 2% at 11799 points.
Among the groups that published their accounts today, the logistics company UPS – often considered a barometer of economic activity – dropped by 10% after performances deemed disappointing for the first three months of the year.
GE Healthcare was also heavily penalized (-8.4%), while General Motors dropped 4%, Halliburton 3.5%, General Electric 1.7%, and only a few rare announcements were well received, such as those PepsiCo (+2.3%) or Kimberly-Clark (+1.6%).
Against this backdrop, the hour seemed to be profit taking. ‘We advise to take advantage of any strength in prices following the first quarter publications to lighten up,’ recommended analysts at JPMorgan.
This negative trend was reinforced by the US consumer confidence index calculated by the Conference Board, which fell to 101.3 in April, from 104 in March, further reinforcing the scenario of a coming recession. .
Still on the statistical side, sales of new homes in the United States jumped 9.6% in March to reach an annualized and seasonally adjusted volume of 683,000, well above the market consensus.
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