Market: WStreet consolidates near zeniths before Thanksgiving

(CercleFinance.com) - On the eve of the Thanksgiving holiday (markets closed on Thursday, 1/2 session on Friday), Wall Street offered itself a marginal consolidation in the wake of a new flurry of absolute records: the Dow Jones dropped -0.
3% (44,722), the S&P500 -0.38% (ending just below the 6,000 mark), the Nasdaq dropped -0.8%, weighed down by Broadcom -3%, Micron -3.7%, Autodesk -8.5%.Dell -12%... and GAFAMs shed -1% on average

Wall Street failed to benefit from the sharp easing in interest rates (-5.5pts on the 10-year to 4.25%, -5pts on the 30-year) following the publication of an impressive salvo of US indicators, released in anticipation of the Thanksgiving holiday in the USA.

The main 'macro' indicator was GDP (US economic growth 'revised' to 2nd estimate), which reached an annualized 2.8% in the third quarter.

The Commerce Department points out that the upward revision to investment compared with the previous estimate was offset by a downward revision to exports and consumer spending.

The most eagerly awaited figure was the price "component": the US PCE rose by 2.3% in October at an annual rate, in line with expectations, after 2.1% in September. In the core version, it rose by 2.8% year-on-year, as expected, following a 2.7% increase in September

The Labor Department announced that 213,000 new jobless claims were registered in the US in the week ending November 18, down by 2,000 on the previous week, when the figure was revised from 213,000 to 215,000.

Finally, the number of people receiving regular benefits rose by 9,000 to 1,907,000 during the week of November 11, the most recent period available for this statistic.

The Labor Department adds that this is the highest level of insured unemployment since November 13, 2021 (when it stood at 1,974,000).

Pending home sales rose by 2% in October in the USA, against an expected fall of 2.1%. They had risen by 7.5% in September.

US durable goods orders rose by 0.2% between September and October (versus -0.4% in September), according to the Commerce Department.

Excluding the transportation sector, US durable goods orders rose by 0.1% last month, still on a sequential basis.

Meanwhile, shipments of durable goods by US industry fell by a further 0.6% month-on-month, impacted in particular by the downturn in defense shipments (-0.8%).

Lastly, promised new home sales rose by 2% in October in the US, against an expected fall of 2.1% (they had risen by 7.5% in September).

Unsurprisingly, the minutes of the last Federal Reserve meeting - published yesterday evening - showed that the US central bank had not predefined any particular path for its monetary policy, but that it remained as dependent as ever on the evolution of economic statistics.


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