(New York) The New York Stock Exchange ended in scattered order on Friday, in an atmosphere of restraint at the end of a turbulent month, on the eve of a weekend which could lead to a partial paralysis of the American federal state .
The Dow Jones lost 0.47%, the NASDAQ index rose 0.14% and the broader S index
The New York market opened in the green, encouraged by a further easing of bond rates, as well as by the figures from the PCE report on consumer prices in August, a reference indicator for the American central bank (Fed).
If the crude index accelerated slightly, to 3.5% over one year against 3.4% in July, inflation excluding energy and food stood at 3.9% over one year, against 4.3 % in July.
This is the first time since September 2021 that the core index (excluding energy and food) is below 4%.
“This supports our forecast that the Fed (American central bank) will leave its rates unchanged until the end of the year, even though a majority of its members anticipate a further increase,” commented Michael Peace, d ‘Oxford Economics.
But after a positive start, the indices stalled.
“There weren’t a lot of people ready to buy heading into the weekend,” observed Steve Sosnick of Interactive Brokers, who said the end of September would have been very hectic. and unfavorable to stocks, also played a role.
The weekend could see the budget impasse in Congress lead to a “shutdown”, which would lead to a partial paralysis of federal government services, due to lack of funding.
A new text submitted by the Republican President of the House of Representatives, Kevin McCarthy, was rejected on Friday, making it more likely than ever that a number of civil servants will be laid off on Monday.
The prospect of this “shutdown” “wasn’t a major factor for stocks, but it didn’t help,” according to Steve Sosnick.
After falling, bond rates have increased again. The yield on 10-year US government bonds stood at 4.57%, the same level as the day before at closing, after falling to 4.50%.
Wall Street also noted the extension of the strike at the three major historic American automobile manufacturers, Ford (-1.11%), General Motors (-0.57%) and Stellantis (-0.73%). Some 25,600 employees have now stopped work, two weeks after the start of the social conflict.
On the market, the Dow Jones was weighed down by JPMorgan Chase (-1.74%), as well as by stocks in the health sector, notably the insurer UnitedHealth (-1.16%) or the Merck laboratory (- 1.29%).
The cruise line Carnival took to the water (-4.99%), despite a turnover above expectations and a first quarterly net profit since the coronavirus pandemic. Operators mainly retained the Miami group’s forecasts, considered disappointing.
Nike sprinted (6.68%) after reporting a quarterly net profit significantly higher than expectations, even if its turnover came out slightly below expectations. Chief executive John Donahoe said he was confident in demand for the end of the year, particularly in China.
The Toronto Stock Exchange closed down almost 50 points on Friday, while the major American indices ended the session in disarray, at the end of a difficult September for investors.
The composite index S
In the currency market, the Canadian dollar traded at an average rate of 73.96 US cents, down from Thursday’s rate of 74.11 US cents.
On the New York Mercantile Exchange, crude oil fell 92 US cents to US$90.79 per barrel, while natural gas fell 2 US cents to US$2.93 per million BTU .
The price of gold cleared US$12.50 to US$1,866.10 per ounce and copper rose 3 US cents to US$3.74 per pound.