(New York) The New York Stock Exchange is trading lower on Friday shortly after the opening, in very tight margins and in a waiting position before the publications of several tech giants next week.

By 10:05 a.m. EST, the Dow Jones was down 0.08%, the NASDAQ index was down 0.48%, and the broader S

“There hasn’t been much buying or selling conviction” since the start of the week, despite a flurry of corporate earnings and a fresh burst of macro indicators, Patrick said in a note. O’Hare, from Briefing.com.

“Trading this week was marked by hesitation ahead of next week’s releases of giant caps that have driven indices higher year-to-date,” the analyst added.

Microsoft and Alphabet are thus expected on Tuesday, Meta on Wednesday and Amazon on Thursday, whose prices have all resisted, since the beginning of the year, the continuation of the monetary tightening in progress as well as the banking crisis.

For Quincy Krosby of LPL Financial, Wall Street is focused on corporate margins, which she fears will shrink.

“During a recession, margins erode, which pushes companies to cut costs, invest less, but above all, lay off workers,” which further deteriorates economic conditions, she explains.

On Thursday, Tesla was harshly penalized after reporting a drop in its margins, linked to price cuts in recent months to counter competition and lower consumer appetite.

On Friday, the electric vehicle maker raised its prices on the S and X models in the United States. The Tesla title benefited, but moderately (0.23%).

For Quincy Krosby, the fact that the New York Stock Exchange has changed little for several weeks is a sign of “resilience”, which encourages optimism. “The stock market seems to be digesting all of this well, with the feeling that it’s going to be okay,” she said.

Like equities, the bond market was calm, even if rates tightened slightly. The yield on 10-year US government bonds rose to 3.56%, from 3.53% the day before closing.

Elsewhere on the stock exchange, the New York market hailed the results, which exceeded expectations, of the giant of care and hygiene products Procter and Gamble (3.95%), which raised its sales forecasts on its entire staggered fiscal year (which will end at the end of June).

The Cincinnati (Ohio) group managed to raise its prices in all segments of its business, which compensated for a stagnation or even a drop in sales volume.

After falling by almost 20% on Thursday following the announcement of the closure of the information site BuzzFeed News, BuzzFeed remained poorly oriented (-2.65%).

The rail freight operator CSX was wanted (2.30%) after presenting better than expected results on Thursday after the stock market. The Jacksonville (Florida) company says it has essentially solved the labor shortage that has handicapped it since the start of the coronavirus pandemic.

The oil services group SLB, formerly Schlumberger (-3.25%), fell despite results above expectations and optimistic comments from CEO Olivier Le Peuch for the second half of 2023.

As for the mining group Freeport McMoRan, it was also down (-3.70%), after recording a sharp drop in turnover and profit, attributed mainly to weather problems which slowed its activity.