(Reuters) – The New York Stock Exchange opened on Tuesday in the Red on the return from an extended weekend, investors being cautious in the face of commercial uncertainty and before the publication of a series of key data expected in the coming days.
In the first exchanges, the Dow Jones index lost 444.10 points, or 0.98% to 45,100.78 points and the Standard & Poor’s 500, wider, increased from 1.32% to 6,374.85 points.
The Nasdaq Composite gives in 1.80%, or 386.16 points, to 21,069.39 points.
Caution dominates the markets on the return of the prolonged weekend of the “Labor Day”, the decision of an American court of appeal according to which most of the customs duties imposed by Donald Trump are illegal reinforcing the fears of investors and advancing bond yields.
“If the Supreme Court judges these illegal customs rights, the government will have to reimburse the entire sum … If the debt increases, the yields will also increase, which will cause more difficulty in the market,” said Robert Pavlik, senior portfolio manager at Dakota Wealth.
Investors also avoid the risk before the publication of the key report on the month of August on Friday.
According to the CME Group’s Fedwatch tool, the markets count on a probability of around 92% that the Fed reduces its interest rates of 25 basic points at its September meeting, bets which climbed after a report on disappointing employment in July and the words of the president of the Federal Reserve (Fed), which recognized the growing risks for the labor market during the Jackson Hole symposium.
The session is also the first in September for Wall Street, a traditionally weak month for action markets and which will undoubtedly remain marked by doubts about the independence of the Fed, that President Donald Trump continues to attack regularly.
On the program of a day otherwise rather calm, the figures for the ISM manufacturer’s index are included for the month of August, which investors will receive at 2:00 p.m. GMT.
At the values, Pepsico takes 4.6% after Elliott Management announced on Tuesday that it had participated in the group’s capital for an amount of four billion dollars (3.42 billion euros), adding that it planned to relaunch the growth of the group and stimulate the scholarship course of the drinks manufacturer.
(Written by Diana Mandiá, edited by Blandine Hénault)
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