PARIS (Reuters) – The New York Stock Exchange opened lower on Tuesday as markets positioned themselves for a salvo of indicators culminating in the publication of the U.S. jobs report for August on Friday.

In early trading, the Dow Jones index lost 190.88 points, or 0.44%, to 41,372.20 points, and the broader Standard & Poor’s 500 fell 0.57% to 5,616.39 points. The Nasdaq Composite lost 0.72%, or 128.17 points, to 17,585.449.

Investors are preparing for the publication of the ISM manufacturing activity indicator at 14:00 GMT, which should confirm the contraction in primary sector activity.

Several employment indicators are also expected in the coming days, including the JOLT survey on job openings and the ADP figures for job creation in the private sector.

The most important publication will nevertheless be the August employment report, expected on Friday and which could allow investors to clarify their rate outlook for September.

In fact, the Federal Reserve is scheduled to cut rates on September 18, but the size of the cut – 25 or 50 basis points – is still up for debate.

A slowdown in the jobs market would warrant a 50bp cut but would be unwelcome because it would also suggest too much of a slowdown in activity under pressure from the Fed’s restrictive rates.

“Investors are paying close attention to activity data. Fears of hyperinflation have given way to stagflation: goodbye to uncontrolled price increases, hello to growth targets,” summarize the Apicil analysts, who refer to the Fed’s dual mandate of price stability and full employment.

In terms of values, Tesla gained 1%, as the group’s car sales in China increased in August.

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(Written by Corentin Chappron, edited by Blandine Hénault)

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