(News Bulletin 247) – US equity indices were mixed at the close on Thursday, against a backdrop of new turbulence on banking: the Nasdaq Composite climbed nearly 0.2% to 12,329 points, but the Dow Jones fell close by 0.7% to 33,310 points.
Announced before the opening, the increase in producer prices in the United States in April stood at 2.3% in raw data and 3.4% in underlying data, after annual rates of respectively 2.7 % and 3.7% observed in March.
Nevertheless, investors were not happy with this confirmed slowdown in inflation, nor that of the job market, which nevertheless contained the promise of a more conciliatory attitude on the part of the Fed.
Moreover, confirming that the time had not yet come for key rate cuts in the Western world, the Bank of England decided on Thursday to increase its key rate by 0.25 points, to raise it at 4.5%.
Above all, the general climate remained dominated by concerns about the health of regional banks, PacWest having thus won 22.7% on the stock market, after having seen its deposits melt by 9.5% over the whole of last week.
Still on the value side, Disney dropped 8.7% after the entertainment giant’s quarterly publications were published on Wednesday evening, while Tapestry posted an almost symmetrical increase of 8.3%, the parent company of the Coach brand having raised its annual goals.
Alphabet also bucked the prevailing market trend and gained 4.3%, having benefited from favorable analyst comments following the latest advances in artificial intelligence from parent Google.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
