PARIS (Reuters) – American stock markets hesitate to open on Friday, after indicators showing the robustness of American consumption but supported by the good performance of technology stocks.
In early trading, the Dow Jones index lost 46.17 points, or 0.14% to 32,738.13 points and the broader Standard & Poor’s 500 rose 0.40% to 4,153.58 points. The Nasdaq Composite takes 0.99% or 123.08 points, to 12,718.687.
US household spending grew more than expected in September while inflation remained high, according to data released Friday by the Commerce Department.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose an adjusted 0.7% last month, compared with a 0.4% increase in August, while the PCE inflation was stable month-on-month, at 3.4% year-on-year in September.
Markets are concerned about the implications of these indicators, which could push the Federal Reserve to keep its monetary policy in restrictive territory until activity is back under control.
Amazon’s good results nevertheless encourage technology stocks.
In terms of values, Amazon.com gained 5.84% after saying on Thursday that it expected a jump in its turnover and profit in the fourth quarter.
Intel gained 6.98%, after saying it anticipated a turnover for the October-December period higher than Wall Street estimates, displaying its optimism about a rebound in orders for its semiconductors.
(Written by Corentin Chappron, edited by Kate Entringer)
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