PARIS (Reuters) – The New York Stock Exchange opened in mixed order on Tuesday, investors digesting mixed results from major American banks and a mixed indicator of retail sales in the United States.

In early trade, the Dow Jones index rose 69.14 points, or 0.2%, to 34,654.49 points, while the broader Standard & Poor’s 500 fell 0.02% to 4,521.59. points.

The Nasdaq Composite lost 0.36%, or 50.93 points, to 14,194.01.

An hour before Wall Street opened, data released by the US Commerce Department showed US retail sales growth slowed to 0.2% in June but the core indicator was remained solid (+0.6%), while consumer spending probably continued to grow.

The data suggests the economy is likely to stay afloat in the second quarter despite a 500 basis point hike in U.S. Federal Reserve (Fed) interest rates since March 2022, the fastest monetary tightening cycle yet. 40 years old.

The Fed meets next week and another rate hike is expected, but traders continue to expect this to be the last in the cycle before a cut in the cost of credit is expected next year.

Chapter microeconomics, Bank of America reported Tuesday a jump of nearly 20% of its profit in the second quarter, while that of Morgan Stanley fell 18%, weighed down by the investment bank. The action of the first advance of 2.46% on Wall Street, while the second rose 2.54%, the net interest income having emerged above expectations. The banking sector index, which has fallen 5.2% since the start of the year, underperforming the progression of the S&P-500 (+17.8%), gained 0.74%.

In other publications of the day, Lockheed Martin takes 1.60% thanks to the increase in its annual forecasts of profit and turnover.

Pinterest jumped 4.21% as Evercore ISI moved to “outperform” on the social networking site.

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(Written by Claude Chendjou, edited by Kate Entringer)

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