(New York) The New York Stock Exchange moved higher on Tuesday, welcoming rather favorably a price index which confirms the slowdown in inflation, still significantly higher than the American central bank (Fed) would like.
Around 10:15 a.m. ET, the Dow Jones gained 0.12%, the NASDAQ index gained 0.07% and the broader S index
Wall Street had little reaction to the release of the CPI price index, which showed a slight deceleration in year-over-year inflation to 3.1% in November from 3.2% the previous month.
Although the one-month figure came out a little above economists’ projections (0.1% versus expected stability), most of the data was in line with expectations.
The pace of price growth is falling, “but not very quickly either,” argued Kurt Spieler of FNBO.
“Fed members should maintain an offensive posture to the extent that prices continue to rise too quickly,” commented Rubeela Farooqi of High Frequency Economics in a note as the Federal Reserve is due to communicate on Wednesday on its monetary policy.
The bond market did not flinch. The yield on 10-year US government bonds stood at 4.23%, as at the close the day before.
This publication “will not change the positioning of the Fed,” agrees Adam Sarhan of 50 Park Investments. “Therefore, it is normal for the market to consolidate and digest after a long bullish streak. »
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For the manager, the fact that this consolidation is taking place within very tight margins “shows how solid the market is at the moment”.
“The market is optimistic at the moment,” confirms Kurt Spieler. “He believes in the scenario of a soft landing for the economy and a rate cut from March. »
“The momentum is there,” insists the analyst. “Large sums that were kept in money are reinvested” in the market. “So I think the trend may continue until the end of the year. We could even, perhaps, test the S record
Hasbro was in turmoil (-2.42%), after indicating, Monday after the stock market, its intention to let go of 900 additional employees, after a first wave of 1,000 job cuts launched at the start of the year. In total, the toy manufacturer, victim of a slowdown in demand and the expiration of certain licenses, will have reduced its workforce by almost 30%.
IT service provider Oracle was penalized (-10.34%) for lower-than-expected turnover. Although remote computing is growing, licenses and equipment activity have recorded a decline compared to last year.
The hotel group Choice Hotels (-1.28%) has launched a hostile takeover bid for its competitor Wyndham Hotels
The Pfizer laboratory advanced (0.35%) after reporting that all regulatory steps had been completed for the acquisition of the biotech Seagen (3.27%), specializing in oncological treatments, for $43 billion. The transaction should be finalized on Thursday, according to the group.
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