Monday, November 28, 2022
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Wall Street up despite Amazon’s fall, Markets news

PARIS, Oct 28 (Reuters) – The New York Stock Exchange rose at the start of the session on Friday as statistics seen as reassuring on inflation offset the negative impact of forecasts presented the day before by Apple and especially by Amazon.

Minutes after the start of trading, the Dow rose 338.55 points, or 1.06%, to 32,371.83, the Standard & Poor’s 500 added 0.56% to 3,828.75 and the Nasdaq Composite gained 0.46% to 10,842.

Amazon fell 11.59% after saying Thursday that it expects sales growth to slow in the final months of the year due to declining consumer purchasing power.

Apple also said it expected a fourth quarter that was less buoyant than previous ones, but its share rose 4.51% and the market is cheering the group’s ability to resist.

Intel, for its part, jumped 8.15% despite the downward revision of its annual forecast, and the good performance of its activities dedicated to the PC market favors a recovery after a fall of almost 47% since the beginning of the year .

On the macroeconomic front, the US consumer income and spending figures released an hour before the opening show a more marked increase than expected in consumption, but above all a stabilization of the rise in the PCE price index, the most watched by the Federal Reserve, at 6.2% over a year in September as in August.

The “core PCE” index, which excludes energy and food, showed an annual increase of 5.1%, against an expected 5.2%.

These statistics could add fuel to the debate about a possible slowdown in the Fed’s interest rate hike, although the scenario of a three-quarter hike next Wednesday remains largely favored.

Investors await the final results of the University of Michigan’s monthly survey of household sentiment at 14:00 GMT.


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