(New York) The New York Stock Exchange moved in disorganized order on Friday shortly after the opening, catching its breath to conclude a new positive week marked by several Dow Jones records, on a market still optimistic for 2024.
Around 10:10 a.m., the Dow Jones fell 0.21%, the NASDAQ index gained 0.40% and the broader S index
While the Dow Jones remained on two consecutive records at the close, the New York market stalled after the declarations of the president of the branch of the American central bank (Fed) in New York, John Williams.
The official assured, on the CNBC channel, that the members of the monetary policy committee were not talking, for the moment, about lowering rates, contradicting the president of the Fed, Jerome Powell, who had said the opposite, Wednesday.
“If operators needed an excuse to take some profits, Mr. Williams gave it to them,” Patrick O’Hare of Briefing.com commented in a note.
After having slipped since the Fed’s communication on Wednesday, bond rates recovered a little.
The yield on 2-year US government bonds, the most representative of investors’ expectations in terms of monetary policy, stood at 4.39%, compared to 4.38% the day before, at the close.
But LBBW’s Karl Haeling said the move was too small to signal any concern from Wall Street. “The market didn’t believe it,” said the analyst.
“The stars are aligned,” according to Karl Haeling. “I’m sure everything won’t go perfectly, but overall, inflation is slowing enough for the Fed to cut rates and the economy avoids recession. »
Wall Street also shrugged off several mixed indicators released Friday.
The industrial activity index in the New York region, the result of the so-called Empire State Manufacturing Survey, plummeted to -14.5 points in December while economists saw it as positive, at 4.0 points.
As for industrial production, it only increased by 0.2% over one month in November, compared to 0.3% expected.
Even if it pulls back slightly on Friday, the New York Stock Exchange is expected to post its seventh straight week of gains.
On the stock market, the NASDAQ managed to stay in the green thanks to the stars of artificial intelligence, notably the semiconductor manufacturers Nvidia (1.37%), Broadcom (3.80%) and Intel (2.88%). ).
Elsewhere, the Costco supermarket chain was sought after (3.72%) after reporting results above expectations on Thursday after the stock market.
The group’s financial director, Richard Galanti, indicated that Costco had made price reductions, mainly linked to the normalization of transport costs.
The Darden Restaurants group (-1.59%), which notably owns the Olive Garden brand, paid a turnover lower than analysts’ expectations. Darden, however, raised its annual forecasts and claimed to gain market share.
