(New York) The New York Stock Exchange was trading in the green on Tuesday at the start of a busy day in corporate results and on the eve of a monetary decision by the American central bank.
After eleven positive sessions, the Dow Jones Index was up 0.05% around 10:20 a.m. EST while the S
The day before, the star index of the New York market had risen by 0.52%, the broader NASDAQ index had gained 0.19% and the broader index S
“The tone is on the rise following strong results from a host of blue-chip companies since Monday’s close, coupled with gains in mega-cap stocks and a positive reaction from Chinese markets following the announcement of economic support measures in China,” summarized Patrick O’Hare of Briefing.com.
General Motors was down 2.20% despite a surge in second-quarter results, prompting it to raise its full-year forecast once again. The automaker is counting on an annual net profit of between 9.3 and 10.7 billion in 2023, against an anticipation of between 8.4 and 9.9 billion previously. It was 9.9 billion in 2022.
The conglomerate General Electric (GE) jumped 4.72%. Buoyed by aerospace activity in the second quarter amid post-pandemic air traffic recovery, GE released better-than-expected quarterly results, leading it to revise its outlook for 2023 upwards. Its renewable energy division, whose revenue jumped 24%, saw “record” orders.
The American hygiene products group Kimberly-Clark lost 2.78% after announcing an increase in its turnover, mainly supported by rising prices.
After the close, Wall Street is awaiting the results of two big rivals in so-called generative artificial intelligence, Alphabet (-0.16%) and Microsoft (0.64%), both of which had finished largely in the green on Monday.
The market is also awaiting the decision of the American Federal Reserve (Fed) scheduled for Wednesday.
“After pausing rate hikes last month, Fed Chairman Jerome Powell and his colleagues are considering raising rates by a quarter of a percentage point,” recalled Art Hogan of B. Riley Wealth Management. Overnight rates should therefore settle in the range of 5.25% to 5.50%.
Jerome Powell has repeated in recent weeks that several increases are planned, “at least two, possibly in a row” in order to tame inflation which is on the right track.
The indices finally benefited from a robust confidence barometer for American consumers in July. As measured by the Conference Board, consumer confidence soared to a two-year high of 117 points.
On the bond market, ten-year yields stood at 3.90% against 3.87% the previous day.
