(Reuters) – The New York Stock Exchange opened up sharply on Wednesday, the contraction of the US economy in the first quarter having exacerbated fears that the first world economy does not fall into recession under the impact of customs duties.
In the first exchanges, the Dow Jones index loses 294.29 points, or 0.73% to 40,233.33 points and the Standard & Poor’s 500, wider, fell from 1.37% to 5,484.57 points.
The Nasdaq Composite gives in 2.10%, or 367.13 points, to 17,094.18 points.
The US economy contracted 0.3% in the first quarter unexpectedly, economists interviewed by Reuters, on the contrary, expecting growth of 0.3%, penalized by an increase in imports from companies wishing to avoid higher costs due to customs duties.
This is the last of a series of data published during the month indicating more and more dark perspectives for the American economy, even if the figure has probably exaggerated the upcoming weakening of the economy, given the growth in consumption spending.
“We have come to these figures because of Trump’s policies,” said Peter Cardillo, an economist at Spartan Capital Securities, who underlines that they have created uncertainty.
The fears concerning the US economy also led to European scholarships in the red, while they progressed before the publication of the data.
These estimates come as Donald Trump marked the first 100 days of his second mandate in the White House in a context of increasing disapproval of the Americans with regard to his economic management.
After this publication, the tenant of the White House asked the Americans, on his social network Truth, to be patient and to wait for the results of the customs of customs rights.
Investors also learned on Wednesday that the private sector in the United States had created fewer jobs than expected in April, according to the monthly investigation of the ADP, which precedes the publication on Friday of the official report on the labor department.
The PCE inflation, the favorite indicator of the Federal Reserve (Fed) to measure the pressures on prices, is expected at 2:00 p.m. GMT and should give an indication of the room for maneuver available to the Fed to reduce its rates.
At the values, Super Micro Computer cedes 18.94% after having reduced its turnover and profit forecasts on Tuesday for the third quarter due to offsets in customer expenses, amplifying fears of a decline in investments in the sector.
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(Written by Diana Mandiá, edited by Kate Entringer)
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