Wall Street opens in disorganized order before the start of the holidays – 12/23/2024 at 4:03 p.m.

Wall Street opens in disorganized order before the start of the holidays – 12/23/2024 at 4:03 p.m.
Wall Street opens in disorganized order before the start of the holidays – 12/23/2024 at 4:03 p.m.

A street sign reading Wall Street is seen outside the New York Stock Exchange

The New York Stock Exchange opened in disorganized order on Monday before a week largely shortened by the end-of-year holidays.

In early trading, the Dow Jones index lost 56.76 points, or 0.13%, to 42,783.50 points, while the broader Standard & Poor's 500 rose 0.18% to 5,941.47 points. .

The Nasdaq Composite advanced by 0.45%, or 88.95 points, to 19,661.55 points.

Last week's fears about the possibility of a “shutdown”, a partial closure of American institutions, were allayed overnight from Friday to Saturday after Congress approved a draft budget for 2025 at the very last minute.

The latest CPE inflation figures, released Friday, also helped major indexes rebound from a pullback caused by the Federal Reserve's latest forecasts for rate cuts and inflation.

Markets now expect two rate cuts in 2025, forecasting the policy rate to be between 3.75% and 4.0%, an increase of 0.25 percentage points from last week.

Investors are also awaiting the publication, at 3:00 p.m. GMT, of the consumer confidence indicator in the United States for the month of December.

Trading is nevertheless expected to be calm this Monday, although the last week of the year has historically been favorable for the major indices of the American markets, a period dubbed “the Santa Claus rally” by analysts. Wall Street will have a shortened session on Tuesday and will be closed on Wednesday and Thursday.

On the values ​​side, Qualcomm gained 2.6% after winning an important victory in its lawsuit against Arm Holdings, which saw its shares listed in the United States fall by 3.8%.

Rumble gains 35.5% after announcing that it had received an investment of 775 million dollars (743.98 million euros) from Tether.

Xerox gains 7.5% after the Wall Street Journal reported that the group is close to acquiring Lexmark International in a deal valuing the maker of printers and printing software at 1.00%. $5 billion including debt.

(Written by Pauline Foret)

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