(News Bulletin 247) – Wall Street fell again on Thursday, against a backdrop of data that revived concerns about the resilience of the US economy: the Dow Jones lost more than 0.8% to 34,475 points and the Nasdaq Composite, nearly 1.2% at 13,317 points.
The composite index of leading indicators for the United States, calculated by the Conference Board, fell by 0.4% to 105.8 in July, after a decline of 0.7% the previous month (a confirmed drop of initial estimate).
“Weak new orders, high interest rates, a dip in household perceptions of the outlook for business conditions and a decline in hours worked in manufacturing industry fueled this decline,” explained the Conference Board.
‘The index continues to suggest that economic activity is likely to decelerate and descend into a slight contraction over the coming months,’ it continued, now forecasting a ‘short and shallow’ recession in late 2023-early 2024. .
The data overshadowed a better ‘Philly Fed’ index – measuring manufacturing activity in the Philadelphia area – which rose from -13.5 in July to +12 this month, its first positive reading. since August 2022.
On the value side, Cisco Systems gained 3.3%, the day after the publication by the network technology giant of better than expected results for its last quarter of 2022-23, and accompanied by solid prospects.
Walmart was shunned (-2.2%) despite the increase by the world number one in distribution of its annual forecasts, announced during a quarterly publication itself better than expected.
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