(New York) The New York Stock Exchange was moving slightly in the green after a hesitant opening on Wednesday, before the publication of the minutes of the last meeting of the American central bank (Fed).
The Dow Jones advanced 0.37%, the tech-dominated NASDAQ rallied 0.06%, and the S
On Tuesday, Wall Street closed on its worst session since July, worried about a weakening Chinese economy and warnings about the US banking sector.
The Dow Jones index was down 1.02% at 34,946.39 points, the NASDAQ was down 1.14% at 13,631.05 points and the broader S
“These declines follow a series of gains large enough that the August pullback continues to be considered a normal period of summer consolidation,” said Patrick O’Hare of Briefing.com, pointing out that the disposals had hitherto involved low volumes.
At 6 p.m. Wednesday, investors will be watching for the release of the Fed’s “minutes” looking to gauge how inclined the central bank is to pause rate hikes while determined to keep them high for a while. while inflation is showing mixed signs.
On July 26, the Fed resumed rate hikes, bringing them to between 5.25% and 5.50%, a 22-year high.
Among the indicators of the day, industrial production in the United States started to rise again in July, after two consecutive months of decline, exceeding market expectations.
Driven mainly by public utility services such as the supply of electricity for air conditioning in this period of extreme heat, it increased by 1% over one month, after a drop of 0.8% in June. Over one year, it remained down 0.3%.
On the property market front, housing starts rose 3.9% in July, close to expectations, but building permit applications, which give an indication of market developments, are almost flat ( 0.1%).
On the value side, the title of the Target department stores jumped 4.41% after posting a net result per share higher than forecast on a quarterly turnover nevertheless in decline.
The group, which has suffered from controversy over its articles celebrating the LGBT community, lowered its earnings forecast for the year and signaled that consumers were starting to spend less.
The Target results “reveal the cracks that are beginning to appear in consumption. Although sales growth has been slowing for some time, this is the first time in six years that sales have declined,” said Neil Saunders of GlobalData.
The Mediterranean-inspired fast food chain Cava, listed on the stock market last June, yielded 0.99% after yet tasty results. Its turnover increased by 18% compared to the number of comparable brands. Cava celebrated a green quarter for the first time with a profit of $6.5 million on sales of $173 million.
Home and auto insurance giant Progressive soared 8.34% after better-than-expected results.
Banks that had plunged on Tuesday following comments from the Fitch rating agency that did not rule out a downgrade in the banking sector’s rating continued to look gray. Bank of America lost 1.09%, Citigroup -0.61% and JPMorgan -0.16%.
