On the eve of the ‘Thanksgiving’ bridge (markets closed Thursday, 1/2 session Friday), Wall Street is enjoying a marginal consolidation following a new burst of absolute records: the Dow Jones drops -0.3% ( 44,722), the S&P500 -0.38% (it finished just below the threshold of 6,000), the Nasdaq lost -0.8%, weighed down by Broadcom -3%, Micron -3.7%, Autodesk -8.5%, Dell -12%… and GAFAM dropped -1% on average
Wall Street did not benefit from the sharp easing of rates (-5.5 points on the ’10 year’ to 4.25%, -5 points on the ’30 year’) after the publication of an impressive burst of indicators Americans which appear in advance on the eve of Thanksgiving Day, a public holiday in the United States.
The main ‘macro’ indicator was GDP (growth of the American economy ‘revised’ in 2nd estimate) which reached 2.8% at an annualized rate in the third quarter.
The Commerce Department specifies that the upward revision of investments compared to the previous estimate was offset by a downward revision of exports and consumer spending.
The most anticipated figure was the price ‘component’: the US PCE increased by 2.3% in October on an annual basis in line with expectations after 2.1% in September. In core version, it increased by 2.8% on an annual basis as expected and after an increase of 2.7% in September
The Department of Labor announced that it had recorded 213,000 new registrations for unemployment benefits in the United States the week of November 18, a figure down by 2,000 compared to the previous week, the figure of which was revised from 213,000 to 215,000.
Finally, the number of people regularly receiving compensation increased by 9,000 to stand at 1,907,000 during the week of November 11, the most recent period available for this statistic.
The Labor Department adds that this is the highest level of insured unemployment since November 13, 2021 (it was then 1,974,000).
Promised sales increased by 2% in October in the United States against an expected drop of 2.1%. They increased by 7.5% in September.
Orders for durable goods in the United States increased by 0.2% between September and October (compared to -0.4% in September), indicates the Department of Commerce.
Excluding the transportation sector, U.S. orders for durable goods increased 0.1% last month, still sequentially.
For their part, deliveries of durable goods by American industry fell further by 0.6% from one month to the next, notably impacted by the decline in deliveries in the defense sector (-0.8% ).
Finally, promised sales of new homes increased by 2% in October in the United States against an expected drop of 2.1% (they had increased by 7.5% in September).
Without much surprise, the minutes of the last meeting of the Federal Reserve – published yesterday evening – showed that the American central bank had not predefined a particular trajectory for its monetary policy, but that it still remained as dependent on the evolution of economic statistics.
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