(New York) The New York Stock Exchange started in the green on Wednesday, supported by signs of cooling in the job market in the United States, which is positive in the Fed’s fight against inflation.
The Dow Jones index advanced 0.31%, the technology-dominated NASDAQ rose 0.46% and the broader S index advanced 0.46%.
Tuesday for a second session of loss, the Dow Jones index lost 0.22% to 36,124.56 points. The NASDAQ had gained 0.31% to 14,229.91 points and the S
Before the publication of official employment figures for November in the United States, expected on Friday, the ADP/Stanford Lab survey counted 103,000 new hires in the private sector, far fewer than expected by analysts (127,000). .
In addition, wage growth in the private sector was the slowest in two years (5.6% annual rate).
“The jobs market is showing signs of slowing, with job creation declining and the unemployment rate rising slightly. We anticipate a relaxation of labor market conditions, under the effect of the restrictive policy of the Federal Reserve (Fed), commented the chief economist for HFE, Rubeela Farooqi.
To these data, we must add a sharp upward revision in productivity in the third quarter (5.2%) accompanied by a clear drop in the unit cost of employment, which fell by 1.2%.
“There is an important link between increased productivity and lower unit labor costs,” noted Patrick O’Hare of Briefing.com.
“Each of them is moving in the right direction in terms of the Federal Reserve’s goals, which means rates should continue to move in the right direction for the market,” the analyst added.
Bond yields continued to slide to 4.14% from 4.16% the day before, a three-month low.
On the value side, Tesla gained 2.60%. After the launch of his electric Cybertruck, Tesla boss Elon Musk spoke on Tuesday of the production of a smaller and cheaper vehicle, adding that the brand was already “advanced” in the design of this model.
The online commerce platform Shopify lost 2.50% after an investor information day, with some judging that the stock has risen very strongly since the start of the year.
Among the sectors of the S
Banks were well placed such as Bank of America (2.40%), Citigroup (4.30%) or Goldman Sachs (1.18%).
The Real Estate Bankers Association said loan applications rose 2.8% last week for home purchases, in the wake of falling bond yields.
The online brokerage platform Robinhood soared 6% while cryptoassets are on the rise, particularly bitcoin which, on Wednesday, passed the threshold of 44,000 dollars, a new high since April 2022.
The energy sector was one of the market’s laggards, weighed down by a further drop in crude prices, with a barrel of Texas WTI oil barely remaining above $70. ExxonMobil fell 0.27% despite announcing a plan to increase its share buybacks.