(New York) The New York Stock Exchange opened lower on Tuesday, catching its breath after more than two weeks of galloping, awaiting the report of the last meeting of the American central bank (Fed) and the results of the semiconductor giant Nvidia, after the closing.
Around 10:10 a.m. ET, the Dow Jones was down 0.24%, the NASDAQ index was down 0.48% and the broader S index was down 0.48%.
“We have a market that is taking a break after starting the week strongly,” commented Peter Cardillo of Spartan Capital, referring to profit taking.
THE
“The trend is not negative,” added, in a note, Patrick O’Hare, of Briefing.com, for whom the general direction of the indices remains upward. “We only consolidate after a long ride, before what will inevitably be an event likely to move the market. »
The analyst was referring to the results of Nvidia, specialist in the now famous graphics cards, an assembly of semiconductors essential to the development of so-called generative artificial intelligence.
The Santa Clara (California) giant has more than tripled its market capitalization over the past year (228%) and is now the sixth most expensive company in the world.
“The market will be unstable until the publication of the Fed minutes”, that is to say the report of the last of the monetary policy committee of the institution, at 2 p.m. ( Eastern time), said Peter Cardillo regarding the first highlight of the day, before the publication of Nvidia’s accounts.
Operators will look in these minutes for signals relating to the evolution of American monetary policy in the months to come.
The bond market was on the rise, with rates, which move in the opposite direction to prices, continuing to fall. The yield on 10-year US government bonds stood at 4.39%, compared to 4.41% the day before at the close.
For Patrick O’Hare, the consolidation of the indices was also due to a series of disappointments from the retail sector, which confirm the gradual loss of steam among American consumers, after three exceptional years.
Electronics store chain Best Buy (-3.22%) published lower-than-expected third-quarter revenue and lowered its full-year guidance.
Chief executive Corie Barry said demand was “even more uneven and difficult to predict” and spoke of consumers looking for “deals” and promotions.
Another brand to lower its projections is the DIY chain Lowe’s (-2.87%), which anticipates a decline in its turnover of around 5% over one year, compared to a range of between 2 and 4% until here.
New, more modest estimates also for the Kohl’s department store network (-13.31%), which saw its sales contract by up to 4% over the year.
These poor figures were partially offset by the performances of smaller players, such as the ready-to-wear brand Abercrombie
The video meeting platform Zoom fell (-2.46%), despite results above expectations and an increase in annual forecasts.
