Wall Street ends up in disarray, held back by the yield on Treasury bills

Wall Street ends up in disarray, held back by the yield on Treasury bills
Wall Street ends up in disarray, held back by the yield on Treasury bills

NEW YORK STOCK EXCHANGE ENDS IN DISPERSED ORDER

NEW YORK (Reuters) – The New York Stock Exchange ended in broken order on Thursday after the release of economic statistics that made investors hesitate ahead of the US Federal Reserve (Fed) meeting.

The Dow Jones index lost 0.18%, or 63.07 points, to 34,751.32 points.

The larger S & P-500 fell 6.95 points, or -0.16%, to 4,473.75 points.

Only the Nasdaq Composite finished in positive territory, gaining 20.4 points (0.13%) to 15,181.92 points.

The rise in yields on US Treasuries in the bond market after an unexpected surge in retail sales in August in the US weighed on the trend by offering investors an alternative to equities.

Retail sales rose 0.7% last month following a 1.8% drop in July, according to Commerce Department data, as economists expected a 0.8% decline in month after month.

This figure tempered the scenario of a sharp slowdown in growth in the third quarter but at the same time fueled expectations of an upcoming monetary tightening by the Fed.

“We have reached a point where investor sentiment weighs more on the market than a good statistic supports it,” said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky.

“Despite the questions about monetary policy and supplies, consumption is doing well,” he said. “COVID can dictate how and where, but it’s hard to stop Americans spending money when they have it.”

The good online sales figures in the Commerce Department’s retail sales report, on the other hand, benefited Amazon (+ 0.35%), which pulled the Nasdaq behind it.

The decline in oil prices, on the other hand, weighed on the energy sector, while the rising dollar affected exporters.

(Stephen Culp, French version Tangi Salaün)

 
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