The New York Stock Exchange was down Tuesday shortly after the opening, misguided by signs of economic slowdown in China and Europe, at the start of a week shortened by a holiday and which promises to be poor in indicators. and results.
Around 2:10 p.m. GMT, the Dow Jones gave up 0.18%, the Nasdaq index dropped 0.47% and the broader S index
“The market has done well this year. It took a break in August and now investors are looking for clues as to what the end of the year is going to look like,” explained Adam Sarhan of 50 Park Investments.
In this context, operators noted the drop in the Caixin index of activity in services in China, which fell to 51.8 points in August against 54.1 in July.
“Historically, China is often a good indicator of the global economy,” said Adam Sarhan. “So when China is slowing down, that’s an early sign.”
In addition, the PMI composite index (all sectors combined) in the euro zone fell to its lowest level in 33 months, at 46.7 points.
These poor macroeconomic figures come as the New York market emerges from a three-day weekend (Monday was a public holiday) to begin a week during which, on the American side, few indicators and company results are expected.
In addition, September has the reputation of being the worst month of the year for equities, which does not entice investors to commit.
For Adam Sarhan, the good course that stocks have had this year remains fragile, because it is essentially due to a handful of technological stocks boosted by the vogue of artificial intelligence.
Sam Stovall of CFRA Research notes that the movement has recently broadened to more sectors and stocks, and sees this as reason for optimism.
The lack of momentum in equities was also due to the recent rise in bond yields, which firmed up again on Tuesday. The yield on 10-year US government bonds stood at 4.24%, against 4.17% on Friday at the close.
On the rating, the giant technological capitalizations marked time, like Amazon (-1.30%), Nvidia (-0.77%) or Apple (-0.59%).
Manchester United, listed in New York, unscrewed (-19.36%), weighed down by information from the British daily Daily Mail, according to which the Glazer family, majority shareholder of the club, would be preparing to withdraw ManU from the sale, judging too low the offers submitted so far.
Asset manager Blackstone (3.37%) and accommodation booking platform Airbnb (7.67%) benefited from their entry into the S
Warner Bros Discovery progressed (2.51%), despite a profit warning, linked to the strike of screenwriters and actors in Hollywood. The social conflict affects “the company’s ability to produce and deliver content”, announced the audiovisual giant.
The New York group expects to see its operating profit cut by $300 million to $500 million for its entire fiscal year.
09/05/2023 16:21:52 – New York (AFP) – © 2023 AFP
