(News Bulletin 247) – The New York Stock Exchange moved without a clear trend on Wednesday, as market players struggled to find a real direction following the publication of rather contrasting inflation figures.

At the end of the morning, the Dow Jones fell 0.3% to 33,458.5 points, while the Nasdaq Composite advanced 0.5% to 12,244 points.

The ‘futures’ on New York indices had however accentuated their progression this morning in the wake of the publication of the statistics on inflation, which foreshadowed a sharp rise in the opening.

Admittedly, the evolution of consumer prices shows a tendency towards a slowdown in inflation, but inflation also remains ‘stubbornly high’ from the point of view of economists.

‘While it is true that the peak of inflation has passed, its deceleration is occurring at a particularly slow pace’, underline analysts at Commerzbank.

“This confirms our view that the inflation problem is not over and that market speculation about possible medium-term rate cuts is totally misplaced,” the German bank added.

On the money market, participants are revising downwards the probability of a further rate hike in June, now estimated at around 13% against more than 21% the day before.

The inflation figures are weighing on the dollar and on the yield of Treasuries, which are starting to fall again after their recovery that began at the beginning of the month.

The yield on 10-year government bonds fell to a one-week low of 3.44% before stabilizing around 3.45%.

Oil prices are not supported by rising US crude inventories and US light crude fell below the $73 threshold (-1%).

On the value side, Electronic Arts fell 1% after the announcement of a net loss of $ 12 million for its last quarter of 2022-23, despite the good performance of its FIFA game.

Disney fell back 1% pending the publication, in the evening, of its quarterly results.

Copyright (c) 2023 News Bulletin 247. All rights reserved.