PARIS (Reuters) – The New York Stock Exchange opened higher on Wednesday with the Nasdaq boosted by strong Microsoft results, while gains were more limited for the S&P-500 and the Dow Jones on economic fears. and the impact of interest rates.
In early trading, the Dow Jones index gained 33.75 points, or 0.1%, to 33,564.58 points and the broader Standard & Poor’s 500 rose 0.17% to 4,078.76 points.
The Nasdaq Composite took 0.77%, or 90.72 points, to 11,889.88.
Microsoft reported January-March revenue on Tuesday above Wall Street expectations, in the wake of growth in its cloud computing business and sales of its Office suite. . Microsoft shares jumped 6.72%, dragging other cloud companies like Amazon (+2.29%), Datadog (+13.02%) and Snowflake (+7.62%) in its wake.
The video game publisher Activision Blizzard, coveted by Microsoft, however fell by 9.52%, the British competition authority having decided to block the proposed takeover of the group.
Still in new technologies, whose index takes 1.57%, investors are waiting after the close of Wall Street for the results of Meta Platforms (+1.75%).
In the other compartments, Boeing gained 3.03%, as the aircraft manufacturer announced its intention to increase production of the 737 MAX by the end of the year, while supporting its annual cash flow target.
Of the 124 S&P-500 companies that have already reported first-quarter results, 79% beat analysts’ earnings expectations, compared with an overall average of 66%, according to IBES data from Refinitiv.
On the macro front, the market awaits the first estimate of US GDP for the first quarter on Thursday, while on Friday will be released household income and spending data for March which includes the PCE price index closely followed by the Federal Reserve. , whose monetary policy meeting is scheduled for May 2 & 3.
“Despite better-than-expected results among major technology groups that have already reported, deteriorating consumer confidence in the United States has heightened concerns about lower spending ahead,” said Susannah Streeter, head of foreign exchange and financial markets. at Hargreaves Lansdown.
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(Written by Claude Chendjou, edited by Kate Entringer)
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