PARIS (Reuters) – The New York Stock Exchange opened higher on Friday, with the largest caps rebounding from their declines the day before as investors position themselves ahead of the Federal Reserve meeting. The Dow Jones index gained 0.21%, or 73.96 points, to 35,299.14 points, the Standard & Poor’s 500 rose 0.36%, or 16.28 points, to 4,551.15, and the Nasdaq Composite by 0.63%, or 88.9 points, to 14,152.30. Tech stocks are rebounding after falling on Thursday as investors punished disappointing second-quarter results from Netflix and Tesla. Elsewhere, growth stocks are supported by Fed rate expectations, with investors betting that next week’s monetary policy meeting will mark the last rate hike of this cycle. Investors await the rebalancing of the Nasdaq, which will take place at the close on Friday, and is intended to reduce the weight of the largest capitalizations in the index. According to calculations by DWS, the weight of the seven largest stocks represents more than 56% of the capitalization of the Nasdaq 100, and the rebalancing will take them to 44% of the total weight. On the values ​​side, American Express lost 3.85%, the group having maintained its annual profit forecast unchanged despite quarterly results that exceeded expectations.
(Report Corentin Chapron, edited by Kate Entringer)
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