(New York) The New York Stock Exchange is trading in disarray on Wednesday, shortly after the opening, taking a break after a series of records as the holiday season approaches.
Around 10 a.m. ET, the Dow Jones was down 0.15%, the NASDAQ index was up 0.10% and the broader S index was up 0.10%.
The Dow Jones remains on five records in a row at the close. THE
“We’re not far from the holiday season,” said Sam Stovall, CFRA analyst. “More and more operators are furloughing, adjusting their portfolios and taking profits. »
They are encouraged to do so by technical analysis, which shows that the market is ripe for an inflection, after a euphoric month and a half.
However, as it has done several times during recent sessions, “the market could surprise us and close higher,” warns Sam Stovall.
For Patrick O’Hare, analyst at Briefing.com, the decline in several major indices could also be explained by concerns about the state of demand and the health of American consumers.
The agri-food group General Mills (-2.44%), which notably owns Cheerios cereals, has revised its annual forecasts downward to take into account lower demand than expected.
The Minneapolis (Minnesota) company suffered the backlash from a publication deemed disappointing, marked by a decline in turnover over one year (-2%).
Courier and package delivery giant FedEx (-10.49%) also lowered its annual projections, noting a slowdown in demand. In its second quarter, completed at the end of November, its net profit also fell significantly below expectations.
For Patrick O’Hare, these advanced signs of economic deterioration also justified the relaxation of bond rates. The yield on 10-year US government bonds stood at 3.89%, compared to 3.93% on Tuesday, closing.
This benchmark bond market rate even fell to 3.86%, a first in five months.
The insurance broker Aon (-6.87%), headquartered in Dublin but listed in New York, was battered after the announcement of the takeover of the American broker NFP for $13.4 billion.
As is often the case this year, the NASDAQ fared better than the Dow Jones and the S
Values in the cryptocurrency sector benefited from the surge in bitcoin, which gained 3.71% to $43,943.
The market is still awaiting approval by the American market regulator (SEC) of a new investment product, ETFs, funds placed in bitcoins which would allow clients to benefit from a possible increase in the digital currency without hold directly themselves.
“The market is hoping that some will be approved in the first quarter,” Brian Amrstrong, chief executive of America’s leading cryptocurrency exchange, Coinbase, told Yahoo Finance on Tuesday.
Cryptocurrency “mining” specialists Marathon Digital Holdings (6.65%) and Riot Platforms (5.04%) were at the party, as was Coinbase (3.73%).