PARIS (Reuters) – The New York Stock Exchange is trading slightly at the opening on Thursday in a wait-and-see context before the publication of key indicators and the first debate ahead of the presidential election in the United States.
About fifteen minutes after the first exchanges, the Dow Jones index nibbles 20.83 points, or 0.05%, to 39,148.63 points and the Standard & Poor’s 500, broader, gains 0.20% to 5,488.99 points.
The Nasdaq Composite gained 0.36%, or 64.04 points, to 17,869.20.
As in previous sessions, the variations are slight pending the publication on Friday of the monthly PCE price index in the United States, which could allow investors to try to determine the trajectory of the American Federal Reserve rates.
An hour before the opening of Wall Street, the US Department of Commerce announced that the country’s gross domestic product (GDP) had increased by 1.4% at an annualized rate compared to the previous three months, a figure revised upwards compared to the previous estimate of 1.3%. The overall PCE price index and the basic one, called “core PCE”, showed growth over the period of 3.4% and 3.7% respectively, figures higher than expected.
Weekly unemployment claims in the United States fell last week, to 233,000.
All these indicators demonstrate the resilience of the American economy combined with persistent inflation, which increases doubts about a Fed rate cut in September.
In addition to macroeconomic statistics, investors are also watching the first debate between Joe Biden and Donald Trump which will take place overnight from Thursday to Friday.
On the business front, Micron Technology’s forecast disappointed as expectations around artificial intelligence (AI) were high. The semiconductor maker said it expects revenue for the current quarter of $7.6 billion, just in line with analysts’ expectations. In the wake of Micron which lost 3.97%, Nvidia, Arm Holdings, Qualcomm are also in the red.
Levi Strauss & Co plunged 16.70% after reporting second-quarter revenue lower than analysts’ expectations. Nike, which will publish its results after the close, is losing ground (-0.14%).
The pharmacy chain Walgreens Boots Alliance fell by 24.07% after a warning on its annual profit forecast against a backdrop of weak consumer spending.
(Written by Claude Chendjou, edited by Blandine Hénault)
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