PARIS (Reuters) – The New York Stock Exchange opened on Thursday in a context of risk aversion linked to customs duties that US President Donald Trump intends to impose on the main partners of the United States.
The negative trend is also fed by the forecasts deemed disappointing by Marvell who weigh on the compartment of semiconductors before the evening of Broadcom results, another truck in the sector.
In the first exchanges, the Dow Jones index loses 402.81 points, or 0.94%, at 42,603.78 points. Standard & Poor’s 500, wider, fell from 78.76 points, or 1.35%, to 5,763.87 points. The Nasdaq Composite gives way 351.63 points, or 1.90%, to 18,201.10 points.
Donald Trump announced on Wednesday an exemption from customs duties for certain car manufacturers which he imposed on imports from Canada and Mexico. The American president, however, limited this exemption to one month and accompanied it to compliance with the free trade agreement between the three countries. He added that he did not give up his trade war, stressing the need to strengthen border controls.
“We continue to see the risks linked to the evolution of customs tariffs in Mexico and Canada influencing the courses of American equities and, as long as we have not obtained details, we expect a certain volatility at this level,” said Charlie Ripley, investment strategist at Allianz Investment Management.
The VIX index with Wall Street, considered the fear barometer, climbs on Thursday from 8.29%, to 23.75 points.
To values, American automakers General Motors and Ford and Tesla fell 1.55% to 4.87%.
In semiconductors, Marvell fell by 19.34%. The flea manufacturer has announced to anticipate sales under the first quarter in accordance with the average estimate of analysts, which is hardly enough to enthusiastic investors who expected a higher growth pulled by the AI.
In the wake of Marvell Technology, NVIDIA (-3.64%), Broadcom (-6.37%), AMD (-2.08%) and Intel (-1.94%) are in red. “Tech” giants like Microsoft, Meta and Alphabet give in 0.45% to 1.55%.
(Written by Claude Chendjou, edited by Kate Entringer)
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