(New York) The New York Stock Exchange ended on a mixed note on Wednesday, without a clear reaction after the publication of a mixed report on inflation, which should not change anything, according to operators, in the monetary trajectory of the United States. United.
The Dow Jones lost 0.20%, the NASDAQ gained 0.29% and the broader S
The CPI price index was up 3.7% year-over-year in August, according to a report released Wednesday by the US Department of Labor, significantly more than the 3.2% in July, but also more than the 3.6% predicted by economists.
This acceleration is mainly due to the surge in oil prices, with the energy component of the index having jumped 10.5% over one month.
At the same time, the underlying index, excluding energy and food, slowed to 4.3%, compared to 4.7% the previous month.
The report “was close to expectations” and “did not call into question the idea that the Fed (American central bank) was going to take a break next week,” according to Angelo Kourkafas of Edward Jones. “But the door remains open to another rise in November. »
As for stocks, “a mixed report made for a mixed market,” commented Angelo Kourkafas. “We are going through a period of consolidation, after the significant gains since the start of the year. There is not really a catalyst to expect in the short term” before the results season, which will start in mid-October and should bring volatility, according to the analyst.
In terms of price, Netflix fell (-5.16%) after statements from financial director Spencer Neumann, who considered that the strike of American screenwriters and actors was damaging for the entertainment industry.
The manager also explained that revenues from advertising were not yet likely to weigh on the platform’s results. “We are in the construction phase,” he insisted.
American Airlines (-5.67%) suffered a downturn after a profit warning linked, according to the company, to the rise in the price of kerosene. The Fort Worth (Texas) group expects to see its margins compressed and now expects a profit divided by three to four compared to its previous forecasts.
The low-cost airline Spirit Airlines (-6.25%) also reduced its margin forecasts, again due to the acceleration in fuel prices, but also due to promotions on flights scheduled for second semester.
Citigroup performed well (1.66%) after the announcement of a major reorganization, the most important for the bank “in almost twenty years”, according to the managing director, Jane Fraser. This reshuffle will lead to numerous job cuts, which the manager has refused to quantify for the moment.
The encouraging clinical results of a new messenger RNA vaccine against influenza, published Wednesday, carried Moderna (3.18%).
Despite the prospect of a strike on Friday, due to the impasse in negotiations on the renewal of collective agreements, the automobile sector did better than resist.
Ford (1.66%) and General Motors (0.57%) finished in the green, supported by comments from analysts, who believe that the impact of a work stoppage has already been priced in by the market.
The industrial conglomerate 3m fell (-5.70%) after its financial director, Monish Patolawala, warned that the group was counting on “a weak growth context” in 2024.
The Toronto Stock Exchange closed Wednesday’s session with a slight gain and the major American indices finished in disarray after the publication of the most recent inflation data south of the border.
The composite index S
On the foreign exchange market, the Canadian dollar traded at an average rate of 73.80 US cents, up from 73.75 US cents on Tuesday.
On the New York Mercantile Exchange, crude oil fell 32 US cents to US$88.52, while natural gas fell 6 US cents to US$2.68 per million BTU.
The price of gold fell US$2.60 to US$1,932.50 per ounce and copper rose less than US$1 cent to US$3.79 per pound.
