Wall Street: further decline after ISM manufacturing index
At the close, the Dow Jones gave up nearly 0.8% to 37,430 points, as did the S&P500 to just under 4,705 points, while the Nasdaq Composite dropped nearly 1.2% to 14,592 points.
Investors were cooled by the announcement, at the start of the session, of a US ISM manufacturing index which rose to 47.4 in December, compared with 46.7 in November, reflecting a slowdown in the sector's contraction.
This slightly better-than-expected indicator, which did not reveal any major pressures in the manufacturing industry, did not seem, a priori, to lend credence to the scenario of a key rate cut by the Federal Reserve in two months' time.
On the value side, Intel lost 1.6% as the processor manufacturer decided to accelerate its development in artificial intelligence (AI) by creating a dedicated subsidiary with the support of investment fund DigitalBridge.
Walt Disney gained 1% following a confidentiality agreement with ValueAct Capital Management which allows the entertainment giant to provide information to this investment company and consult it on strategic issues.
Energy stocks such as Chevron (+1.9%) also performed well, against a backdrop of recovering oil prices due to tensions in the Bab El-Mandeb strait, a strategic gateway for global shipping.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Go to the original article.
Contact us to request a correction