(New York) The New York Stock Exchange moved modestly in the green on Wednesday without conviction, awaiting a catalyst such as American inflation expected on Thursday or quarterly bank results expected on Friday.
The Dow Jones index gained 0.08%, the NASDAQ, with its strong technological coloring, advanced 0.14% and the S
On Tuesday, the Dow Jones had lost 0.42% to 37,525.16 points, the NASDAQ had nibbled 0.09% to 14,857.71 points while the broader S index
“This start to the year has been a bit capricious for the major indices, with sales then a rebound and finally a completely indeterminate price trajectory,” commented Patrick O’Hare of Briefing.com. THE
Investors will be watching for the publication of inflation for December in the United States which will be published on Thursday. It is expected to stand at 3.2% year-on-year in December compared to 3.1% the previous month, according to a MarketWatch consensus.
“Market participants will be scrutinizing this data for clues as to when the Federal Reserve might begin cutting rates,” said Art Hogan of B. Riley Wealth Management. “Investors have reduced their bets a bit” on a rapid Fed rate cut, the analyst added.
On the stock market, Boeing returned to the skyline gaining 1.54% after the action was shaken following the setbacks of an Alaska Airlines 737 MAX which lost a door in mid-flight.
Its main supplier Spirit Aerosystems, which manufactures aircraft fuselages, also found colors (3.82%).
Both securities remain 8% below their level before the incident which caused the grounding for inspections of several dozen planes operated by different companies, including United Airlines (1.03%).
The cryptocurrency exchange platform Coinbase (-5.52%), as well as several securities in the sector, bore the brunt of the scandal which affected the stock market watchdog, the SEC.
While a decision from the stock market authorities is frantically awaited on a new investment in bitcoin, the SEC’s X account was hacked on Tuesday, erroneously announcing a green light for this new investment product.
The news briefly ignited bitcoin before SEC Chairman Gary Gensler himself posted on his personal X account that an “unauthorized” tweet had been posted.
Bitcoin, which rose to more than $47,000 on Tuesday, was trading at $45,100, down 0.70% around 10 a.m. ET. Brokerage app Robinhood dropped 2.79%.
The SEC’s decision on authorizing a “Bitcoin Spot ETF” is still expected on Wednesday. This investment product would directly track the price of cryptocurrency and allow a larger portion of the general public to invest in cryptocurrency without having to purchase it directly.
In a positive sign for the housing market, loan applications climbed 9.9% during the first week of January, according to the Mortgage Bankers Association.
Bond rates were stable at 4.00% for the ten-year bond.
The banking sector was weakening as quarterly accounts of major banks will be released on Friday, including Bank of America (-0.88%), JPMorgan (-0.84%) and Wells Fargo (-0.96%).
The results of the airline Delta Airlines (-0.30%) are also expected.