PARIS (Reuters) – The New York Stock Exchange hesitated at the opening on Wednesday, before the publication of key economic indicators and after data showing that economic activity is slowing.
In early trading, the Dow Jones index was stable at 34,851.55 points and the broader Standard & Poor’s 500 rose 0.10% to 4,502.03 points. The Nasdaq Composite takes 0.13% or 18.01 points, to 13,961.768 points. The PCE inflation indicator, closely watched by the Federal Reserve, is due at 14:30 GMT, while the monthly jobs report will be released on Friday.
Both of these will be key to the trajectory of US monetary policy, as the Fed reaffirmed its commitment to bringing inflation back to target, while warning that such a goal will likely require a period of economic slowdown.
In this respect, the second estimate of GDP growth in the second quarter, at 2.1% against a consensus of 2.4%, reassured investors about the transmission of rates to activity, a finding reinforced by ADP private employment figures came in weaker than expected for August.
On the stock side, Hewlett Packard Enterprise fell 3.38%, after announcing a revenue forecast of between 7.2 billion and 7.5 billion dollars for the current quarter, with a median below analysts’ expectations which expected $7.49 billion.
HP Inc fell 8.73% after the PC maker cut its outlook for the fiscal year. The company expects earnings of $3.23 to $3.35 per share, down from $3.30 to $3.50 previously.
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(Written by Corentin Chapron, edited by Blandine Hénault)
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