(AOF) – The American markets are experiencing a volatile session and are falling again. In a context marked by fears about the situation in the Middle East, statements by Joe Biden about possible Israeli strikes on Iranian oil installations caused an upward acceleration in oil prices. They dampened the enthusiasm of investors, who had appreciated the acceleration of growth in services. Around 5:20 p.m., the Dow Jones fell 0.56% to 41,960.74 points while the Nasdaq Composite lost 0.15% to 17,898.62 points.
No hesitation on Wall Street: Levi Strauss shares fell 8.24% to $19.33. The famous blue jeans manufacturer presented mixed quarterly results and revised its annual targets downward. On this occasion, Levi Strauss also indicated that it was considering selling its Dockers brand, which has been disappointing for several quarters already. UBS notes that the Levi’s core brand continues to perform very well while the company faces headwinds in China, Mexico and the Dockers brand.
Today’s economic figures
The purchasing managers’ index for the non-manufacturing sector stood at 54.9 in September compared to a consensus of 51.7, announced the Institute of Supply Management (ISM). It was at 51.5 in August.
Activity in the private sector slowed slightly more than initially announced in September in the United States, S&P Global said. The Composite Purchasing Managers’ Index (PMI), which takes into account the manufacturing and services sector, stood at 54 compared to 54.6 in August. It was expected at 54.4. The PMI for the services sector increased from 55.7 to 55.2 between August and September. It was expected at 55.4.
Orders to businesses fell by 0.2% in September when they were expected to increase by 0.1% after increasing by 4.9% in August.
The number of weekly unemployment claims stood at 225,000 last week, against a consensus of 222,000, after 219,000 the previous week, a revised figure of 218,000.
Values to follow today
Bank of America
Warren Buffett’s investment company, Berkshire Hathaway, sold around 8.5 million shares of Bank of America between September 30 and October 2, according to the American press. These disposals represent a little less than $338 million.
Constellation Brands
Constellation Brands announces earnings per share growth of 14% to $4.32 in the second quarter of its 2024-2025 financial year. Its operating profit increased by 12% to $1.09 billion. Its net profit is up 13% to $788 million. The American producer of alcoholic beverages achieved turnover up 3% to $2.92 billion. Over its entire 2024-2025 financial year, the group confirms its target range (adjusted a month ago) of comparable EPS of $13.60 to $13.80.
Southwest Airlines
Rakesh Gangwal, Southwest Airlines director chosen by company amid growing pressure from activist investor Elliott, bought more than $100 million worth of stock and said management changes would be ‘counterproductive’ “. He is a co-founder of the Indian low-cost airline IndiGo. Southwest announced last month that its executive chairman Gary Kelly was leaving along with six other directors from its 15-member board, but Elliott is still calling for CEO Bob Jordan to be ousted.
