(News Bulletin 247) – The New York Stock Exchange opened lower on Thursday, as risk aversion once again took over amid fears of recession and new turbulence on banking stocks.

At the very end of the morning, the Dow Jones fell nearly 0.8% to 33,270.7 points while the Nasdaq Composite did not quite manage to regain its equilibrium point, yielding 0.1% to 12,304.9 points.

Investors are not happy with the decline in inflation or the slowdown in the job market, which nevertheless hold the promise of a more conciliatory attitude on the part of the Fed.

US equity markets appear to have paused since the end of last month after the sharp rebound that followed the correction triggered by the Silicon Valley Bank debacle.

The S&P 500 is still posting a gain of more than 7% since the start of the year, but its erratic course over the past month shows that investors are reluctant to carry this recovery further.

For the time being, the general climate remains dominated by concerns related to the health of regional banks, PacWest dropping 26% after seeing its deposits melt by 9.5% over the whole of last week.

If the financial sector drops 0.6%, pessimism on the economy weighs above all on the sectors most exposed to growth: the S&P of energy drops 0.8%, that of industry drops 0.9% and that of basic materials nearly 1%.

The easing of fears around inflation and a possible re-acceleration of monetary tightening are logically penalizing bond yields, with a 10-year paper which is down to 3.38%, its lowest since the start of the month.

On the values ​​front, Disney dropped more than 8% after unveiling Wednesday evening an EPS adjusted for exceptional items down 14% to 0.93 dollars for its second quarter 2022-23.

Alphabet bucked the markets and gained more than 4%, benefiting from favorable analyst comments following its latest advances in artificial intelligence.

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