PARIS (Reuters) – The New York Stock Exchange opened higher on Thursday the day after the records of the S&P 500 and the Nasdaq, the market maintaining its enthusiasm in the absence of clues from the president of the American Federal Reserve (Fed), Jerome Powell, on the evolution of rates, while the kickoff of the quarterly results season was given.
In early trading, the Dow Jones index gained 39.54 points, or 0.08%, to 46,641.32 points.
The broader Standard & Poor’s 500 rose 8.69 points, or 0.13%, to 6,762.41 points.
The Nasdaq Composite rose 8.31 points, or 0.04%, to 23,051.68 points.
The latter two indexes ended at all-time highs on Wednesday, with the Nasdaq boosted by the artificial intelligence (AI) mega-caps that have been driving the market since the start of the year.
Neither the continuation of the shutdown nor the minutes of the Fed’s latest monetary policy meeting, which show divergences within the institution’s members, seem to shake investors’ optimism for risky assets.
Fed Chairman Jerome Powell provided no new information on monetary policy on Thursday, forcing investors to rely on older data to form their sentiment. The market is now awaiting interventions from other members of the Fed, notably Michael Barr and Mary Daly.
An aggressive policy shift from these officials could weigh on stocks which are at historically high levels.
“We are heading towards a big correction, but this correction is not expected to happen for a few months,” warns Peter Cardillo, chief market economist at Spartan Capital Securities.
In the meantime, all eyes are focused on the first quarterly results of companies. PepsiCo rose 1.2% after beating Wall Street expectations on Thursday with quarterly revenue and profit on the back of solid demand.
Delta Air Lines jumped 7% after presenting on Thursday optimistic forecasts for the end of the year thanks to better than expected profit for the third quarter. Its competitors American Airlines, United Airlines, JetBlue and Southwest Airlines advance by 3% to 6%.
Costco Wholesale gained 1.62% after reporting an 8.0% increase in sales in September.
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(Written by Claude Chendjou, edited by Blandine Hénault)
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