PARIS (Reuters) – The New York Stock Exchange opened on Thursday, investors opting for caution after the new customs duties imposed by Donald Trump on the automotive sector.
In the first exchanges, the Dow Jones index lost 98.05 points, or 0.23%, at 42,356.74 points.
The Standard & Poor’s 500, wider, fell from 18.22 points, or 0.32%, to 5,693.98 points.
The Nasdaq Composite gives way 74.65 points, or 0.42%, to 17,824.37 points.
After having signed a decree for customs duties of 25% on Wednesday on imports of cars and spare parts in the United States, Donald Trump threatened Thursday to impose larger surcharge on the European Union and in Canada if they “economically harm in the United States” by retalling.
Recent political reversals of the American administration created uncertainty among investors, who fear an upheaval in supply chains and an accentuation of inflationary pressures, which could ultimately weigh on global growth.
The American economy, however, increased in the fourth quarter of 2.4% over a year, a higher pace than initially anticipated, according to final gross domestic product (GDP) published Thursday by the Commerce Department.
For Kyle Rodda, financial market analyst at Capital.com, “the big concern is that not only will these customs rights be disruptive and economically harmful, but this also indicates that the upheaval of the global trade by the Trump administration will not necessarily end with the announcement of reciprocal prices next week, April 2, as we were hoped for before”.
In this context, the VIX VIX of volatility to Wall Street starts upwards, approaching 19 points, while bond yields are reaching out, the ten years taking 3.1 base points, at 4.3692%.
In values, the automotive sector is logically suffering, with folds for general Motors (-6.50%) and Ford (-0.70%) manufacturers. Manufacturers of Auto Parts Aptiv (-3.95%) and Borgwarner (-1.61%) are also struggling.
Advanced Micro Devices abandons 3.11%, Jefferies having “buy” to “keep” on the flea manufacturer.
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(Written by Claude Chendjou, edited by Kate Entringer)
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