Science

Wall Street is in the red, an eye on distribution and inflation

Published on: 11/17/2021 – 4:14 PM

New York (AFP) – The New York Stock Exchange moved slightly in the red on Wednesday after approaching records the previous day, supported by strong US retail sales.

At 3:00 pm GMT, the Dow Jones Index was down 0.42%, the Nasdaq was down 0.28% and the S&P 500 was down 0.33%.

On Tuesday, the Dow Jones nibbled 0.15% to 36,142.22 points, the Nasdaq High-Tech Index 0.76% to 15,973.85 points and the S&P 500 expanded 0.39% to 4,700 90 points, he had hit his record.

“Markets hit their records” early in the session, Schwab analysts noted, while emphasizing that concerns about inflation and its impact on consumption remained on people’s minds.

Among the indicators, new home construction continued to decline in October.

“This is not really good news,” said Patrick O’Hare of Briefing.com, as real estate construction is held back by tight supply and high prices, despite continued strong demand.

Last month, 1.52 billion houses and buildings began to be built in the country, 0.7% less than in September, according to data from the Commerce Department.

But on the positive side, building permits, a leading indicator of the real estate market, rebounded more than expected, showing a 4% increase.

In terms of quarterly results, if distributors have done better than expected, such as the giant Walmart (+ 0.35%) and the DIY chain Home Depot (+ 1.20% after + 5.73% the day before) l Many people have sounded the alarms about the price increases announced Tuesday.

Target fell (-4.21%) despite the good results announced before the opening. The department store chain said the increase in costs was greater than what it was transmitting to its retail prices.

Quarterly results from telecoms giant Cisco (-0.94%) and microprocessor maker Nvidia (-0.85%) were expected after the close.

Visa, a member of the Dow Jones, suffered the blow (-5.35%) after Amazon announced that it would stop accepting Visa credit card payments in the United Kingdom from January 19, 2022, due to the high processing it charges Visa.

Tesla continued to advance (+ 0.70% to $ 1,062), having recovered the colors the previous day (+ 4.08%), despite the announcement of the sale of a new block of shares by CEO Elon Musk, for $ 931 million. This brings the value of the securities sold by the leader for one week to approximately $ 7.8 billion.

Rivian, which went public last week, fell sharply (-9% to $ 156) after defying gravity (+ 15.16% on Tuesday).

The electric vehicle manufacturer entered the inner circle of the 100 largest capitalizations in the world on Tuesday, ahead of Volkswagen.

Treadmill and connected bike specialist Peloton, which is going through a difficult phase at the end of the pandemic that had boosted its sales, fell more than 5% after a 15.50% increase while announcing an upcoming capital increase.

In the bond market, the 10-year Treasury bond rates remained stable at 1.63%.

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