PARIS (Reuters) – The New York Stock Exchange is in the red on Thursday, penalized by the decline of Walt Disney and several regional banks.
In early trading, the Dow Jones index lost 365.34 points, or 1.09%, to 33,165.99 points and the broader Standard & Poor’s 500 fell 0.56% to 4,114.54 points.
The Nasdaq Composite lost 0.17%, or 21.159 points, to 12,285.283.
The financial sector fell 0.91% with the plunge of 24% from PacWest, which announced withdrawals of money by its customers last week.
PacWest is one of the intermediary banks that has come under particular scrutiny since the collapse of Silicon Valley Bank, as investors feared for the financial stability of the sector with the impact of rising interest rates.
In its wake, competitors Comerica, Citizens Financial, Zions fell from 1.52% to 2.54%.
The giant Walt Disney (-8.50%) also weighs heavily on the trend after announcing the loss of four million subscribers to its Disney+ streaming service in the first quarter. The world leader in the field, Netflix, saw its title fall by 0.75%.
On the macro side, the producer price index rose less than expected in April, which, combined with the moderation in consumer prices announced on Wednesday, raises hopes that the Federal Reserve could pause its hike. rates.
“However, the good news for inflation is clouded somewhat by the PacWest situation. It’s the fear factor that’s driving the market…the fact that deposits have fallen,” said Peter Cardillo, chief economist at Spartan Capital Securities.
(Laetitia Volga, edited by Jean-Stéphane Brosse)
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