(New York) The New York Stock Exchange opened slightly lower on Monday on the cusp of the publication of an avalanche of economic indicators this week, starting with American inflation.
Around 9:45 a.m. ET, the Dow Jones was down 0.17%, the tech-heavy NASDAQ was down 0.64% and the S
On Friday, the indices ended sharply higher, helped by an easing of bond rates.
The Dow Jones had advanced 1.15% to 34,283.10 points, the NASDAQ had gained 2.05% to 13,798.11 points and the S index
On Monday, the market was also digesting the downgrading of the outlook for the United States debt rating by the rating agency, Moody’s, which fell on Friday after the market closed for the weekend.
Moody’s, the last of the three major rating agencies to maintain a “triple A” rating on U.S. credit, warned that given its growing budget deficit, the country would face “borrowing affordability” difficulties. ”, if there is no “reduction in government spending or increase in revenue.”
The agency also denounced “the persistent political polarization within Congress”, while the federal government is once again threatened with shutdown as of next Friday, unless there is a budget agreement between Republicans and Democrats.
A host of economic indicators will monopolize investors’ attention this week, starting with inflation (CPI index) Tuesday expected at only 0.1% for the month, thanks in particular to the fall in energy prices. Over a year, it is expected to fall to 3.3%.
Producer prices and especially retail sales will follow on Wednesday for the month of October. The September figure was surprising with its strength (0.7%), even causing tension on bond rates. But this time, analysts expect a decline in consumer spending (-0.3%).
At the same time, the quarterly results of major retail groups will be published, such as Walmart (0.30% at 2:45 p.m. GMT), the department store chain Target (-0.01%) and the DIY specialist Home Deposit (-0.85%)
In terms of international cooperation, “President Biden’s midweek meeting with Chinese leader Xi-Jinping will also be closely watched by technology sector investors,” said Art Hogan, analyst at B. Riley Wealth Management .
On the stock market, Boeing soared 4.66% after a series of announcements at the Dubai Air Show.
The American aircraft manufacturer has received an order from Dubai airline Emirates for 95 aircraft worth $52 billion.
The low-cost airline flydubai, which like Emirates belongs to the wealthy Gulf emirate, also announced an order for 30 Boeing 787-9s on Monday.
Earlier in the day, the American manufacturer reported an order for 45 737 MAX planes from airline SunExpress, representing more than $5 billion at list price.
Another aerospace sector stock, Spirit AeroSystems, a Boeing supplier that was recently shaken on the stock market, gained more than 2%.
The oil giant ExxonMobil gained 0.54% after announcing its plan to become a leader in the production of lithium, used for electric vehicle batteries, by 2027. The group owns a lithium-rich site in southern Arkansas.
In the bond market, yields on 10-year Treasury bills stood at 4.68% compared to 4.65% on Friday.
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