PARIS (Reuters) – The New York Stock Exchange opened lower on Friday for an indecisive session due to doubts about the future extent of interest rate cuts in the United States and the volatility linked to the trading day. three witches”, which marks the expiration of options and futures contracts.
In early trading, the Dow Jones index lost 49.91 points, or 0.13%, to 38,855.75 points and the broader Standard & Poor’s 500 fell 0.51% to 5,124.05 points.
The Nasdaq Composite lost 0.73%, or 118.18 points, to 16,010.342.
Recent data released in the United States showed stronger than expected growth in producer prices (PPI) in February after the surprise strength of consumer prices (CPI) while markets want to believe that inflationary pressures are easing .
That has led to rising bond yields and uncertainty over the timing and pace of the Federal Reserve’s easing meeting next week.
Traders now expect a 60% probability of a Fed rate cut in June compared to a 73% probability last week, according to the CME Group’s FedWatch barometer.
The yield on ten-year US Treasury bonds was nevertheless stable on Friday, at 4.31% after reaching a two-week high during the week.
This Friday concentrating a maximum of derivative product maturities is also not conducive to risk-taking.
In terms of values, Adobe plunged 11.97%, the Photoshop publisher having announced Thursday evening that it anticipated a turnover for the current quarter lower than consensus.
Groups linked to semiconductors are also neglected, the index, down 0.97%, being on the verge of putting an end to three weekly increases in a row against a backdrop of enthusiasm for artificial intelligence. Nvidia drops 1.04%.
In other sectors, Ulta Beauty fell 7.53% due to annual profit below expectations, while Madrigal Pharmaceuticals soared 53.43% thanks to the approval of its treatment in the United States. fatty liver, a pathology which manifests itself by excess fat in the liver unrelated to alcohol consumption.
(Written by Claude Chendjou, edited by Sophie Louet)
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