Wall Street ends aimlessly, wait before a major indicator on Tuesday

New York (AFP) – The New York Stock Exchange closed slightly lower on Monday, unable to maintain its initial momentum in a quiet session, ahead of a highly anticipated retail sales indicator on Tuesday.

The Dow Jones fell 0.04% to 36,087.45 points, the Nasdaq high-tech also fell 0.04% to 15,853.84 points, while the S&P expanded 500 closed in equilibrium, at 4,682.80 points.

Wall Street had started, taking the path of a third consecutive positive day, well guided by a better than expected indicator.

The “Empire State” index that measures manufacturing activity in the New York region thus resulted in 30.9 points, compared to the expected 20.3.

But the tracks stalled in the late morning and went into the red.

“When we see that utilities are the most prominent sector today, it shows that investors did not want to take any risks,” said Jack Ablin, investment manager at management company Cresset Capital.

In contrast, the bond market showed some signs of nervousness. The 10-year average yield on US government debt increased 10 basis points (0.1 percentage point), before declining slightly. It stood at 1.62%, compared to 1.56%.

Investors were already scrutinizing Tuesday’s flagship indicator, US Retail Sales for October, which will provide new insights into the state of the US consumer’s health.

A below-consensus figure (+ 1.5% for a month) could attest to unwanted slack before the holidays.

But, warns Jack Ablin, “a high indicator could bring inflation back” in the minds of investors and authorities and “encourage the (US Central Bank) to act earlier than expected”, which would be unfavorable for stock markets.

Meanwhile, some stocks stood out this Monday, such as Boeing (+ 5.49%), which benefited from several cargo aircraft orders announced at the Dubai Airshow.

The US aircraft manufacturer is benefiting from the acceleration in air freight, which exceeded its 2019 levels, before the start of the pandemic, as opposed to passenger traffic, which is still recovering.

Also a beautiful day for WeWork (+ 3.38%), which reported a reduction in its losses in the third quarter and a slight increase in the occupancy rate of its stores.

New euphoric session for investor favorite Rivian, which continues to rise (+ 14.94%), after its IPO on Wednesday. The electric vehicle maker, which just delivered its first cars, is now worth more than $ 130 billion on the stock market.

Its competitor Tesla, which has enjoyed the same fervor for a long time, has slipped again (-1.94%), after being heavily booed last week. On Sunday, managing director Elon Musk raised again, during an exchange with Democratic Senator Bernie Sanders, the possibility of selling more shares. He had already lost about $ 6.9 billion in Tesla securities last week.

The oat milk specialist Oatly fell (-20.81%), depressed by the publication of a quarterly turnover well below expectations and a warning about the results, linked to supply difficulties.

The US iron ore pellet producer Cleveland-Cliffs fell (-2.60%), after the US government announced that it is ready to discuss with Japan a reduction in tariffs on steel and aluminum imposed under the presidency of Trump.

Same impact on the US Steel steel group (-2.54%), also rejected by investors.

The low-cost supermarket chain Dollar Tree soared (+ 14.28%), after the Wall Street Journal announced on Friday that the activist fund Mantle Ridge had taken a stake of more than 5% in the capital and would demand a change of strategy.

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