(New York) The New York Stock Exchange, disappointed with economic data from China, was slightly in the red after the opening on Wednesday before the publication of the minutes of the last Fed monetary meeting.
The Dow Jones index yielded 0.36%, the NASDAQ which had started the session down was almost stable (-0.01%) and the broader index S
The markets had closed on Tuesday due to a public holiday. In a shortened session on Monday, the Dow Jones had nibbled 0.03% to 34,441 points, the NASDAQ index gained 0.21% to 13,816.93 points and the broader S
“The negative trend has a macroeconomic component and a geopolitical component,” said Patrick O’Hare of Briefing.com.
The analyst thus designated the purchasing managers’ index (PMI) made public by the media group Caixin and S
The index stood at 53.9 points last month, a slowdown from 57.1 in May.
A number below 50 indicates a contraction in activity. Beyond that, it indicates expansion.
The disappointing data comes amid a tense trade environment between Beijing and Washington, with the Wall Street Journal reporting that the Biden administration is preparing to restrict China’s access to remote computing services (cloud).
Treasury Secretary Janet Yellen is due to travel to China from Thursday to Sunday to meet with Chinese officials.
China’s Ambassador to the United States, Xie Feng, on Tuesday called on Beijing and Washington to “take a step towards each other” during the meeting with Yellen.
“We hope that the United States and China will each take a step towards each other” and “take steps to remove obstacles and manage their differences in order to strengthen dialogue and cooperation”, pleaded the diplomat, according to sources. remarks reported by Chinese television CCTV.
Relations between Beijing and Washington have deteriorated notoriously due in particular to disputes in commercial exchanges against a backdrop of technological rivalry.
On the home front, investors will be watching the “minutes” of the U.S. central bank’s mid-June monetary meeting where it paused rate hikes after ten straight hikes to rein in inflation.
It is a question of detecting its intentions for the future, knowing that Jerome Powell, the chairman of the Fed, has indicated several times since that two other rate hikes were very possible.
In the bond market, ten-year yields were nearly flat at 3.86%.
Listed electric vehicle maker Rivian, which soared more than 17% on Monday, gained 2.30% by 10 a.m. EST as the group reported a jump in shipments vehicles in the previous quarter which exceeded the 11,000 forecast by analysts.
Tesla was also up (0.57%).
Vaccine maker Moderna climbed 5.30% to $128.18. The American laboratory has signed a memorandum of understanding with China to produce drugs there for the Chinese market, he announced on Wednesday. The investment could amount to a billion dollars, according to a Chinese media.
Asked by AFP, Moderna – which has developed one of the very first messenger RNA vaccines against COVID-19 – did not confirm the amount of the investment. He said, however, that a memorandum of understanding had indeed been signed.
Express carrier UPS dropped more than 2% as wage talks stalled with the drivers’ union, raising the threat of a strike.
Shares of cryptocurrency exchange Coinbase fell 2.65% after an analyst raised doubts about the company’s profitability as the US regulator, the SEC, takes the platform to court for non-compliance with regulations.