The New York Stock Exchange is set to open without a trend on Thursday morning, following the previous day's record highs on optimism about interest rate trends.

Half an hour before the opening, futures contracts on the major New York indices are all virtually unchanged, suggesting a stalled start to the session.

Investors are likely to be trying to catch their breath after yesterday's buying spree triggered by inflation figures, which propelled the Dow Jones, S&P 500 and Nasdaq to new all-time highs.

Despite this positive momentum, market participants are still wondering what to make of these better-than-expected figures, or at least not as bad as feared.

For many analysts, a more substantial deceleration in prices and a sharper slowdown in activity will have to occur before the Fed will consider easing monetary policy.

Alexandre Baradez, head of market analysis at IG France, asks: "Is this cocktail favorable to the US equity markets?

"Normally not, it's rather conducive to a bit of caution, which would translate into some gain-taking and consolidation", stresses the specialist.

The better-than-expected indicators published this morning also seem to compromise the scenario of a Federal Reserve rate cut in September, now estimated at 51% versus 53% yesterday.

Investors should nonetheless welcome the good results from Cisco and Walmart, two Dow Jones components, which show that the more traditional groups are managing to adapt well to the new economic situation.

Another element of support, the yield on 10-year Treasuries continues to fall towards 4.34%, returning to its lowest level since the beginning of April.

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