PARIS (Reuters) – The New York Stock Exchange opened higher on Wednesday after the publication of solid results by several large groups, while the bond sector is generally stable after the recent rise in yields.
In early trading, the Dow Jones index gained 162.05 points, or 0.42%, to 38,683.41 points and the broader Standard & Poor’s 500 rose 0.44% to 4,976.46 points, after having touched a record at 4,979.13 points.
The Nasdaq Composite gained 0.40%, or 63.06 points, to 15,672.06.
While US Federal Reserve Chairman Jerome Powell ruled out a key rate cut in March, traders are awaiting further clues from central bankers on the timing of the anticipated monetary easing cycle.
Interventions from several Fed officials such as Adriana Kugler, Thomas Barkin and Susan Collins are expected during the day.
Minneapolis Federal Reserve President Neel Kashkari said Wednesday that the U.S. central bank will likely cut the federal funds rate two or three times this year based on information it currently has about the economy.
On the bond market, the yield on US Treasury bills is almost stable, at 4.115%, after rising to 4.177% on Monday.
The earnings season continues at the same time as more than half of the S&P 500 companies have now published their accounts, with 81.2% of them having exceeded profit expectations, according to data provided Tuesday by LSEG.
Overall, profit for S&P-500 companies is expected to have increased 8.1% in the fourth quarter compared to the previous quarter.
Among the day’s publications, Ford Motor jumped 5.88% after the automobile manufacturer announced better-than-expected quarterly sales and the payment of an additional dividend to shareholders.
Chipotle Mexican Grill’s rose 2% after publishing profit and sales above expectations for the fourth quarter.
On the downside, VF Corp fell 9.03% after the announcement of the departure of its financial director Matt Puckett. The manufacturer of Vans sneakers and The North Face clothing also indicated that it had missed the consensus on its quarterly results due to weak demand.
Hilton Worldwide is in the green after its results, while Uber Technologies lost 1.41% after its results.
The social media sector is shaken by Snap, which collapses by 30.17% after publishing quarterly revenue below forecasts. Pinterest lost 1.51%.
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(Written by Claude Chendjou, edited by Blandine Hénault)
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