WALL STREET FINDS IN RED
by Stephen Culp
NEW YORK (Reuters) – The New York Stock Exchange turned red on Tuesday, signaling the end of the S & P-500 and Nasdaq’s closing record series, following a session marked by profit-taking in a context of concerns about rising inflation.
The Dow Jones index lost 0.31%, or 112.24 points, to 36,319.98 points.
The larger S & P-500 lost 16.45 points, or 0.35%, to 4,685.25 points.
The Nasdaq Composite for its part fell by 95.81 points (0.60%) to 15,886.54 points.
In the wake of the adoption by the US Congress on Saturday of the infrastructure investment plan desired by President Joe Biden, the S & P-500 and the Nasdaq had recorded an increase on Monday for the eighth consecutive session, to stand at unpublished peaks.
But, in the absence of catalysts, investors favored profit-taking on Tuesday.
“It’s a risk-free day. After producer prices today and consumer prices tomorrow, it’s reasonable to take a break,” commented Jay Hatfield, managing director of InfraCap Advisors, in New York.
“The earnings season is almost over and we are at records. It makes sense that the market is stagnating,” he added, noting that he said this was not the start of a strong trend. .
Five of the eleven major sectors of the S & P-500 retreated.
Official data released today shows that producer prices in the United States continued to rise in October, a sign of high inflation that could prove to be sustainable amid tensions in supply chains.
Investors are now awaiting the publication on Wednesday of the monthly consumer price survey in the United States.
On the securities side, General Electric rose 2.6% following the announcement of its split into three listed companies, respectively focused on its activities in aviation, health and energy.
Tesla continued to fall, as the day before, losing 12% in the wake of the poll organized on Twitter by his boss Elon Musk. A majority of the millions of people who took part in the poll voted on Sunday for Elon Musk to sell 10% of his stake in the automaker.
* Reminder of the session in Europe: [.EUFR]
* TO BE CONTINUED ON WEDNESDAY:
(French version Jean Terzian)
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