Wall Street Without Direction on Tuesday Pending the Fed
The New York Stock Exchange ended without direction on Tuesday on the eve of the outcome of a monetary meeting of the US Central Bank (Fed) as bond rates remain supported
In New York, the S&P 500 lost 6 points, or 0.16%, to 3,962 points.
The Dow Jones fell 127 points, or 0.39%, to 32,825 points.
The Nasdaq rose 11 points, or 0.09%, to 13,471 points.
Wall street was mainly watching the outcome of the Fed’s monetary meeting on Wednesday.
The central bank is expected to reiterate the status quo, with overnight rates at zero, despite inflation expectations in the market reflected by rising bond rates.
Yields on 10-year Treasuries rebounded to 1.6232% from 1.6055% the day before close.
The market also digested two disappointing indicators for February although mainly caused by the cold snap that paralyzed part of the country that month.
Retail sales fell sharply in the United States last month, falling 3% from January, when analysts expected a decline of only 0.6%. Industrial production fell over the month by 2.2%, again against a decline of 0.6% expected by analysts.
Investors have nevertheless reacted little to these data because “they know that the stimulus checks will soon land in bank accounts and will certainly boost sales in March and April”, underlined for his part Patrick O’Hare of Briefing .com.
Among the actions of the day, Moderna, whose vaccine has begun to be tested on children, has climbed 8.60%. Novavax also grew (+ 2.19%) while its vaccine project was the subject of a new British study demonstrating strong efficacy.
The energy sector of the S&P 500 was down 2.83% in the wake of a decline in crude prices. Chevron, attacked before competition authorities by non-governmental organizations over its environmental initiatives, lost 2.37%.
GameStop stock, with high speculative value, fell 5.44%. That of the AMC cinema chains, also sought after by stock marketers, fell 7.26% after a sharp increase the day before.
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Wall Street Without Direction on Tuesday Pending the Fed - /10