PARIS (Reuters) – The New York Stock Exchange opened on a hesitant note on Monday amid a decline in technology and growth stocks and rising bond yields as the Federal Reserve is due to begin a two-day monetary policy meeting on Tuesday.
In early trading, the Dow Jones index advanced 35.94 points, or 0.1%, to 34,654.18 points, while the broader Standard & Poor’s 500 fell 0.04% to 4,448.53. points.
The Nasdaq Composite lost 0.07%, or 8.948 points, to 13,699.387.
After the European Central Bank (ECB) last week and before several other central banks in Europe, the Fed must make its monetary policy decisions on Wednesday.
If the consensus of traders is for a status quo on interest rates for this meeting, uncertainty remains however regarding the Fed’s decision at the next meeting in November.
Investors are also on the lookout for the Fed’s projections regarding the economy after a series of data which recently removed the specter of a recession.
Goldman Sachs, like other investment banks like JP Morgan or Janus Henderson Investors, expects the Fed to raise its economic growth projections this week.
In terms of values, Microsoft, Meta Platforms META.O and Alphabet are in the red.
Chipmakers Nvidia, Broadcom, Qualcomm and Marvel Technology fell from 0.2% to 1.8% while Bernstein began tracking Arm Holdings (-6.0%) at “underperformance”.
The yield on ten-year Treasuries increased by more than two basis points, to 4.34%.
(Written by Claude Chendjou, edited by Blandine Hénault)
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