Photo of traders on the floor of the New York Stock Exchange (NYSE)
(Archyde.com) – The New York Stock Exchange opened with no clear direction on Tuesday as investors await the release of new U.S. indicators to gauge the Federal Reserve’s (Fed) monetary tightening plans.
In early trading, the Dow Jones index lost 8.25 points, or 0.02% to 33,592.90 points and the broader Standard & Poor’s 500 rose 0.11% to 4,129.22 points.
The Nasdaq Composite took 0.14%, or 17.37 points, to 12,206.82 points.
The market is readjusting its inflation forecast after OPEC+ announced further oil production cuts from May on Sunday, driving up crude prices and casting a cloud over expectations. which the Fed could soon put an end to its monetary tightening policy.
In this context of search for clues, investors will closely monitor at 1400 GMT the publication by the US Department of Labor of the “Jolts” survey on job vacancies in the United States in February, which should show a decline , as well as a separate report on factory orders, due at the same time and which is also expected to be down.
“That would mean the inflation war is working,” said Sam Stovall, chief strategist at CFRA Research.
Signs of a slowdown in inflation and the US economy were seen on Friday’s release of the US Personal Consumption Expenditure (PCE) price index, the price indicator favored by the Fed, as well as that of the ISM index of manufacturing activity on Monday.
In values, the energy sector continued to progress on Tuesday, supported by the rise in oil prices which, according to some analysts, could easily exceed 100 dollars a barrel. Chevron and Exxon Mobil are up 0.3% and 0.1% in early trade in New York.
Tesla, whose sales of Chinese-made electric vehicles soared 35% in March year-on-year according to the China Passenger Car Association (CPCA), gained 1.7%.
Virgin Orbit Holdings fell 21.4% after it filed for Chapter 11 bankruptcy protection after failing to secure long-term financing.
AMC Entertainment fell 19.3% after the cinema chain said it agreed to settle a lawsuit and convert its preferred stock into common stock.
(Written by Diana Mandiá, edited by Blandine Hénault)