by Lewis Krauskopf, Bansari Mayur Kamdar and Johann M Cherian
(Reuters) – The New York Stock Exchange ended slightly lower on Wednesday after disappointing economic data in the United States and China, while the release in the afternoon of the minutes of the June meeting of the Reserve federal (Fed) confirmed this downward movement, pending additional indicators this week.
The Dow Jones index fell 0.38%, or 129.83 points, to 34,288.64 points.
The broader S&P-500 lost 8.77 points, or 0.20%, to 4,446.82 points.
The Nasdaq Composite fell for its part by 25.12 points (0.18%) to 13,791.65 points.
According to the Fed’s ‘minutes’, ‘virtually all’ US central bank officials decided last month to pause the rate-hike campaign to give themselves time to decide whether further hikes were needed. .
This came as no surprise to investors, most of whom expect the Fed to raise interest rates again at its next monetary policy meeting on July 27-28.
Official data released during the day showed that US factory orders rose in May at a slower pace than expected, fueling fears of an economic bottom.
In China, according to a private survey, service sector activity grew in June at its weakest pace in five months.
The week will be marked by the publication of additional indicators, notably the monthly US labor market report, which could help guide the Fed’s decision at the end of the month.
“If we continue to see a slowdown in inflation, there may not be a further rate hike, but nothing to that effect is in the Fed’s ‘minutes’,” commented Wedbush head Michael James. Securities.
“We’ll get a much clearer idea with another major indicator on Friday, the jobs report, and then inflation data next week,” he said.
On the stock side, among the main movements to note, the decline in stocks of the semiconductor industry after China announced that it would control exports of certain metals essential for the manufacture of chips, in a context of heightened tensions between Beijing and Washington on access to advanced technologies.
Intel declined 3.3% and Texas Instruments fell 1.8%.
Meta Platforms rose 2.9% ahead of Thursday’s expected launch of its Threads app meant to compete with Twitter.
( Jean Terzian)
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