(News Bulletin 247) – The New York Stock Exchange ended the week on a negative note, affected in particular by renewed concerns about debt negotiations: on Friday, the Dow Jones fell more than 0.3% to 33,427 points and the Nasdaq Composite, more than 0.2% to 12,658 points.
“Reports indicated that the debt ceiling negotiations had been interrupted, a sudden pause in the discussions which reinforced the fears that an agreement would not be concluded soon”, underlined Wells Fargo.
More positively, the California bank pointed to comments by Federal Reserve Chairman Jerome Powell that ‘interest rates may not need to rise as high as expected to rein in inflation’.
Apart from these major areas of concern for investors, no macroeconomic data was scheduled for today’s calendar, but the latest quarterly corporate releases were generally poorly received.
Thus, John Deere fell 1.3%, despite an increase by the manufacturer of agricultural machinery in its objectives for the 2022-23 financial year, on “favorable market conditions and an improving operating environment”.
Applied Materials lost 2.3%: the equipment manufacturer for the semiconductor industry published quarterly figures Thursday evening at the top of its target ranges, but revealed more disappointing prospects for the current quarter.
Above all, Foot Locker collapsed by 27.7%, the sporting goods chain having revised down its annual forecasts on the sidelines of quarterly results at half mast, its sales having “slowed down significantly in a difficult macroeconomic context”.
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