PARIS (Reuters) – The New York Stock Exchange opened in mixed order on Monday, the positive trend supported by bargain buying, while negotiations on the U.S. debt ceiling and the expectation this week of an indicator economic conditions and new statements from Federal Reserve officials call for caution.
In early trading, the Dow Jones index lost 80.43 points, or 0.24%, to 33,220.19 points and the broader Standard & Poor’s 500 fell 0.04% to 4,122.25 points.
The Nasdaq Composite took 0.13%, or 15.73 points, to 12,300.478.
President Joe Biden said on Sunday he is likely to meet with congressional leaders again on Tuesday to discuss raising the US debt ceiling and try to avoid a catastrophic default. .
While Joe Biden expressed his optimism on the subject, Clifford Bennett, chief economist at ACY Securities, underlined that “there is some hope around Congress at the start of the week that real progress could finally be made to come to an agreement”.
In terms of macroeconomic indicators, investors are awaiting data on retail sales in the United States for the month of April on Tuesday. The Reuters consensus forecasts a rebound of 0.8% m/m and 0.3% y/y, which could give support to supporters of a soft landing for the economy, despite the rapid rise in interest rates .
In this regard, several Fed officials, including its chairman Jerome Powell, are due to speak this week, while a status quo is still expected on the US bank’s rates next month.
In the statistics of the day, manufacturing activity in the New York region recorded a sharp drop in May with an “Empire State” index at -31.8 after +10.8 in April. according to.
In values, Tesla takes 0.58% while its boss Elon Musk participates this Monday in the “Choose France” summit in Versailles after a meeting with Emmanuel Macron at the Elysée.
Chinese groups Alibaba, Baidu and JD.com rose 1.59% to 2.39% on hopes of new stimulus measures in China.
Meta Platforms (+1.25%) and Tapestry (+2.39%) benefited from a recommendation increase from Loop Capital and Bernstein respectively, while Alphabet (-0.42%) was penalized by a council lowering.
Oneok fell 8.09% after the announcement of the acquisition of the oil pipeline operator Magellan Midstream Partners (+ 13.87%) for around 18.8 billion dollars (17.3 billion euros), including debt .
(Written by Claude Chendjou, edited by Tangi Salaün)
Copyright © 2023 Thomson Reuters
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.
