(New York) The New York Stock Exchange concluded an eighth positive week in a row on Friday – the longest period in the green since 2017 for the S
The Dow Jones index lost 0.05% to 37,385.97 points, the tech-heavy NASDAQ advanced 0.19% to 14,992.97 points and the broader S index
Several indicators have confirmed the scenario of a “Goldilocks economy”, where inflation manages to be controlled without endangering growth.
Thus the progression of the PCE inflation index in the United States, the favorite measure of the American central bank (Fed) to assess the rise in prices, fell sharply to 2.6% year-on-year in November.
The rise in the underlying index, excluding energy and food, is still above 3% but has slowed more than expected to 3.2% year-on-year from 3.4% the previous month. And over a month, it increased by 0.1%, as expected.
“There has been some good news on the inflation side, showing that it is heading in the right direction,” commented Peter Cardillo of Spartan Capital.
Due to low trading volume on Friday, while Wall Street will remain closed on Monday due to Christmas Day, the analyst believes that “the full effect of this news on inflation will likely show up on Tuesday” in the indices .
Among other economic data of the day, household income rose 0.4% over the month in November but their spending grew less quickly at 0.2%.
Furthermore, orders for durable goods rebounded strongly (5.4%), much more than expected in November, thanks in particular to new aircraft orders.
Finally, American consumer confidence, measured by the Conference Board, improved more than expected in December, with households showing more optimism about the health of the economy and employment. The index measuring this confidence climbed to 110.7 points, more than expected, compared to 101.0 in November.
On the market, Nike fell 11.83% to 108 dollars after the sports equipment manufacturer warned that its sales for the 2024 fiscal year ending in May would be weaker than expected, increasing by only 1%.
Brand executives highlighted “risks” in the environment, including “a stronger dollar” and “consumer demand for the holiday season.”
By contagion, the footwear brand Foot Locker lost 3.93%.
The American pharmaceutical group Bristol Myers Squibb (BMS) climbed 2.03% to $52.30 after announcing that it was strengthening its position in psychiatric illnesses with the acquisition of the biotech Karuna Therapeutics, also an American company, for $14 billion.
With this operation, BMS intends to get its hands on a molecule in development from Karuna which could treat schizophrenia, but also potentially Alzheimer’s disease.
With BMS planning to acquire all of Karuna’s outstanding shares for $330 per share, Karuna’s stock soared 47.71% to $317.85.
Space sector services company Rocket Lab soared 22.80% after winning a $515 million government contract to build space vehicles.
Cryptocurrency exchange Coinbase gained 4.43%.
In the bond market, the ten-year yield was almost stable at 3.89%.