Wall Street: slight consolidation but record intraday 'S&P
The Nasdaq lost -0.5%, the Russell-2000 -0.35% (less appetite for risk at the end of the session), while the Dow Jones shed -0.3%.
The Nasdaq-100 was handicapped by declines from Texas Instruments (-7.5%), Microchip (-5.3%), Analog Devices (-4.8%), Nvidia (-3.1%) and Tesla (-1.4%), followed by MicroStrategy (-5.2%, but weighing less on the index).
Wall Street was slightly dampened this afternoon by a number of US figures, notably the marked slowdown in US private-sector growth in January, according to S&P Global, whose composite PMI index came in at 52.4 in flash estimates, compared with 55.4 in final data for December.
The slowdown was concentrated in the services sector, where output grew at the slowest pace since last April, while manufacturing output returned marginally to growth after five months of decline.
The second disappointment was the fall in US consumer confidence to 71.1 in the final version, compared with 74 in December, after a first estimate of 73.2, and economists' expectations of 73.
In addition, one-year inflation expectations rose from 2.8% to 3.3%, moving back above the 2.3%-3% range in which they had fluctuated in the two years prior to the pandemic.
Some 47% of participants in the 'U-Mich' survey say they expect the unemployment rate to rise in the coming year, a figure at its highest since the Covid-related recession.
Finally, existing home sales in the U.S. rose 2.2% in December 2024 from the previous month, to a seasonally adjusted annual rate of 4.24 million, according to the National Federation of Realtors (NAR).
The median sales price of existing homes rose by 6% on December 2023 to $404,400, and the inventory of unsold existing homes stood at 1.15 million, representing 3.3 months of inventory at the current clearance rate.
Wall Street's slight shift into "risk of" mode is benefiting bonds, with yields easing -1.5pts on the 10-year to 4.623% and -2.5pts on the 30-year to 4.845% this evening
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