PARIS (Reuters) – The New York Stock Exchange opened higher on Wednesday before a speech by the president of the American Federal Reserve (Fed) and the publication of the central bank’s Beige Book which could give new indications on the economic situation and the trajectory of interest rates.
In early trading, the Dow Jones index gained 209.78 points, or 0.47%, to 44,915.31 points. The broader Standard & Poor’s 500 rose 19.23 points, or 0.32%, to 6,069.11 points.
The Nasdaq Composite rose 116.43 points, or 0.60%, to 19,597.34 points, setting a record.
A little more than an hour before the opening of Wall Street, the monthly survey by the ADP firm on the private sector in the United States showed fewer job creations than expected in November, with 146,000 positions compared to 184,000. in October.
The publication of this survey, which precedes the official monthly employment report scheduled for Friday, reflects a slowdown in the labor market, which should offer the (Fed) more room to maneuver to continue lowering its rates. directors.
Traders are currently pricing in a further cut in borrowing costs of 25 basis points following the December 17-18 Fed meeting.
The speech at 6:45 p.m. GMT by Jerome Powell, the president of the American central bank, and the publication at 7:00 p.m. GMT of the Fed’s Beige Book, which serves as a working basis for its monetary policy committee, should provide new indications in this regard. matter.
In the meantime, the market will closely follow at 3:00 p.m. GMT across the Atlantic the monthly figures for the ISM index of services activity and orders to industry.
In terms of values, Salesforce jumped 9.25% after beating Wall Street’s expectations on Tuesday evening in terms of quarterly turnover, while raising its annual sales forecast.
Marvell Technology climbs 16.95%, the chip manufacturer having announced that it expects fourth-quarter sales to exceed expectations.
Mega-caps like Amazon and Nvidia are advancing 1.75% and almost 1% respectively.
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(Writing by Claude Chendjou, edited by Kate Entringer)
