PARIS (Reuters) – The New York Stock Exchange fell at the opening on Friday, penalized by the risks of escalation in the Middle East which are fueling a broad movement of risk aversion.
In early trading, the Dow Jones index lost 37.19 points, or 0.11% to 33,376.98 points and the broader Standard & Poor’s 500 fell 0.17% to 4,270.91 points. The Nasdaq Composite lost 0.33% or 46.91 points, to 13,139.266 points.
The situation continues to deteriorate in Israel, as the Jewish state prepares to launch a ground offensive in the Gaza Strip and clashes expand to the West Bank and the border with Lebanon.
Worried about a possible escalation of the conflict this weekend, investors are seeking to reduce the level of risk in their portfolios and are retreating into safe assets.
Thus, despite restrictive comments from Jerome Powell, the president of the Federal Reserve on Thursday, the yields of American sovereigns fell during the session, after having exceeded 5% for the 10-year.
Yields nonetheless remain close to their 16-year high, further limiting risk appetite, especially as investors begin to position themselves for the Fed’s next monetary policy meeting on November 1. .
In terms of values, American Express fell 3.13% despite a quarterly result above consensus expectations, at $2.45 billion or $3.30 per share.
(Written by Corentin Chappron, edited by Blandine Hénault)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
