PARIS (Reuters) – The New York Stock Exchange opened slightly down Tuesday with fears concerning the independence of the American Federal Reserve (Fed) and uncertainty around its monetary policy.
In the first exchanges, the Dow Jones index loses 55.87 points, or 0.12% to 45,226.60 points and the Standard & Poor’s 500, wider, fell from 0.03% to 6,436.95 points. The Nasdaq Composite gives way 0.04% or 8.02 points, to 21,457.311.
Investors react Tuesday to Donald Trump’s decision to dismiss Lisa Cook, the governor of the Fed, due to allegations of fraud to obtain a mortgage.
The fears around the independence of the institution increase even as its president, Jerome Powell, strengthened expectations of drop in rate in September by evoking a possible drop in rates with risks on the labor market.
“The markets continue to adjust to the ‘Dovish’ speech pronounced by Jerome Powell to Jackson Hole. We believe that this adjustment could continue, limiting the increase in the US dollar and thus promoting a positive dynamic of the currencies of emerging markets,” Citi analysts said on Tuesday.
According to the CME Group’s Fedwatch tool, traders now estimate 86% the probability of a drop in Fed rates in September.
Investors are also waiting for Nvidia’s results this week on Wednesday.
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(Written by Bertrand de Meyer, edited by Kate Entringer)
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