Wednesday, September 27, 2023

Wall Street opens in green and the Dow Jones rises 0.37%

Wall Street it opened this Thursday in green and the Dow Jones Industrials, its main indicator, rose 0.37%, on its way to its fifth consecutive day on the rise.

Ten minutes after the start of operations at the NYSEthe Dow Jones stood at 35,018 units and the selective S&P 500 added 0.21%, up to 4,524 points.

For its part, the composite market index nasdaqin which the main technology companies are listed, rose 0.34%, to 14,067 integers.

Investors are looking this week at the US consumption data. According to data this Thursday from the Bureau of Economic Analysis (BEA), American consumer spending grew by 0.8% in July, two tenths above the 0.6% that grew in June.

This, coupled with a rise in inflation, could complicate the work of the Federal Reserve (Fed)which maintains a high rate policy in the hope of bringing the price increase back to its 2% target.

Another key piece of information for investors will be the unemployment figures for the month of August, which will be released on Friday, and which could give a more complete idea of ​​the level of cooling of the economy.

The figure will be key to determining the course of the next Fed meeting, where the central bank will decide whether to keep rates at their current level (between 5.25 and 5.5%) or raise them, which could negatively affect the labor market. .

This Thursday it was also learned that the Chinese manufacturing output it fell for the fifth consecutive month, fueling fears of a difficult slowdown in the world’s second-largest economy.

He Chinese PMI (purchasing manager index, reference indicator for the sector) stood at 49.7 points in July, above the 49.3 it had marked the previous month and what was expected by analysts, who predicted that it would stand at 49.4. .

In this indicator, a mark above the threshold of 50 points implies growth in activity in the sector compared to the previous month, while one below represents a contraction.

By sectors, the main gains on Wall Street were for communications and technology, with increases of 0.73% and 0.59%, respectively, while the essential goods sector was the one that fell the most (-0.48%).

Between the 30 values of the Dow Jones the biggest losses were for Johnson & Johnson (-0.73%) and Coca-Cola (-0.33%), while the biggest gains were for Salesforce (5.25%) and 3M (3.33%).


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