The entrance to the New York Stock Exchange
The New York Stock Exchange ended lower on Thursday in a context of caution, with investors on the one hand concerned about the escalation of the conflict in the Middle East and, on the other, awaiting the monthly report on the employment in the United States.
The Dow Jones index lost 0.44%, or 184.93 points, to 42,011.59 points.
The broader S&P-500 lost 9.58 points, or 0.17%, to 5,699.96 points.
The Nasdaq Composite fell 6.65 points (0.04%) to 17,918.48 points.
The S&P-500 briefly turned green after a report showed U.S. service sector activity jumped to a 1-1/2 year high in September – additional data indicating robustness of the American economy in the third quarter.
Separate data released today showed that the number of weekly jobless claims in the United States increased marginally.
Investors are closely scrutinizing all the elements about the American labor market, after the Federal Reserve (Fed) carried out an unusual rate cut of 50 basis points in September to launch a cycle of monetary easing.
According to FedWatch, traders are betting 35% on a further rate cut of 50 basis points in November, compared to 49% a week earlier.
Noting investor caution that he attributes to the monthly jobs report due Friday, Adam Sarhan, managing director at 50 Park Investments in New York, said it was also “normal to see some profit-taking” after the significant increases recorded for two-three weeks by the main Wall Street indices.
Still, the devastation caused by Hurricane Helene and the dockers’ strike on the American East Coast could affect the situation on the labor market.
“Oil prices are rising and the port strike could turn everything upside down,” commented Brian Jacobsen, chief economist at Annex Wealth Management.
The CBOE Volatility Index, considered an indicator of the level of fear on Wall Street, stood at 20.49, its closing high since September 6.
Following the trajectory of oil prices, which surged amid concerns over the escalation of conflict in the Middle East, the S&P-500 energy sector ended up 1.6%.
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(Written by Jean Terzian)
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