Wall Street pauses while waiting for news on the commercial front

US STOCKS-Wall St eyes subdued open as global growth fears intensify
November 14, 2019
Le Fonti International – November 19
November 20, 2019

Wall Street pauses while waiting for news on the commercial front

(New York) The New York Stock Exchange ended near equilibrium on Thursday as the S & P 500 managed to quietly set a new record while the Dow Jones and NASDAQ remained handicapped by lingering market uncertainty.

The Wall Street index, the Dow Jones, dropped 0.01% to 27,781.96 points, and NASDAQ, with strong technological color, lost 0.04% to 8479.02 points, while the S & P 500 index widened 0.08% to 3096.63 points.

While the Dow Jones and NASDAQ have also recently reached unprecedented levels, “the market is taking a breath and we should not seek explanations,” said Peter Cardillo of Spartan Capital Securities.

“We need to see new positive developments on the trade front to start moving forward,” he says.

As China and the United States strive to finalize a partial deal on their trade dispute, Beijing said on Thursday that the lifting of customs surcharges was a prerequisite for any compromise and that “deep talks” were taking place on this subject. Last week, the Chinese Ministry of Commerce assured that the two sides had agreed to a “step-by-step” lifting of their mutual punitive tariffs. But US President Donald Trump later denied these claims. According to Wall Street Journal reports, the talks are also stumbling over the issue of US purchases of agricultural products by China. The US president also said on Wednesday that it will soon reveal whether he decides whether to impose additional taxes on imports of the automotive sector, a threat particularly feared by Berlin.

Smith & Wesson

The president of the US central bank (Fed), Jerome Powell, has for its part “nothing said very new for the markets” during his hearing before a parliamentary committee, said Mr Cardillo. “Perhaps he brought some comfort to investors by saying that the growing US debt would not lead to a catastrophe for the US economy,” he adds. The weakness of the manufacturing industry does not affect the rest of the economy in the United States, still supported by household consumption, also said Thursday Mr. Powell. In the bond market, the 10-year rate on US debt fell back to 1.819% around 16.20 against 1.886% Wednesday at the close. On the values ​​front, Walmart announced Thursday a strong improvement in its profitability in the third quarter and sent positive signals on the health of consumption in the run-up to the holiday season, saying it expect a “good season” despite the trade war and geopolitical tensions weighing on global growth. After climbing to a new level early in the session, its title finished down 0.27%.The telecom equipment manufacturer Cisco fell 7.3% after reporting disappointing forecasts, including a 3% to 5% decline in sales for the current quarter. American Outdoor Brands, parent company of the Smith & Wesson brand, climbed 5.9% after announcing its intention to split into two separate businesses, with outdoor activities on one side and weapons on the other. fire. The US media group Viacom took 1.9% after publishing better than expected quarterly results, thanks to the increase in its advertising revenues in the United States.

Toronto clôture en hausse

The S & P / TSX Composite Index on the Toronto Stock Exchange rose 14.19 points to 16,972.18, setting a new closing record for the third consecutive session. In the currency market, the Canadian dollar traded at an average price of 75.43 cents US, down from its mid-day level of 75.48 cents US. On the New York Commodity Exchange, crude oil prices dropped 35 cents to US $ 56.77 per barrel, while gold prices rose to US $ 1473.40 from US $ 10.10 ounce. The price of copper was depreciated by 1.8 cents US to US $ 2.62 per pound.