(News Bulletin 247) – The New York Stock Exchange sank into the red on Tuesday, as investors steered clear of risky assets on the eve of the highly anticipated Fed announcements. The Dow Jones dropped nearly 1.1% to 33,685 points, as did the Nasdaq Composite at 12,081 points.
After a good first quarter, Wall Street has shown the first signs of feverishness since the beginning of April: the S&P 500 (-1.2%) suffered for the first time since March 2022 a daily decline of more than 1 %.
‘This challenges the short-term trend, paving the way for a dip in the 50-day moving average (4033 points), which could possibly be followed by a return to the 200-day moving average (3963 points )’, underlined a trader.
In this context, the Fed’s statement, which is to be published on Wednesday, will be closely watched by investors. The central bank is expected to announce a final rate hike of 25 basis points and signal a pause in its monetary tightening cycle.
On the stock side, Uber Technologies climbed 11.5% as the service platform unveiled quarterly cash flow well above market estimates and said it expected further improvement in profitability in the second quarter.
Investors also welcomed an increase by Marriott (+5%) of its 2023 forecasts on the occasion of its quarterly, the hotel chain having highlighted “global trends in terms of robust reservations”.
On the other hand, they abandoned the publication of Pfizer (-0.4%), burdened by a decline in sales linked to Covid-19, and heavily sanctioned that of DuPont (-6.3%), accompanied by a lowering of annual forecast.
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