On Wall Street, the desire for recovery becomes concrete, with futures on the main US stock indices accelerating upwards.
Yesterday another negative session for Wall Street, again caused by the effects of the speech delivered in Jackson Hole by Fed President Jerome Powell: after Black Friday, which saw the main US stock indices lose more than 3%, yesterday the S&P 500 lost 0.67% to 4,030.61, the Nasdaq Composite lost 1.02% to 12,017.67 and the Dow Industrial Average fell 184.41 points (-0.57%), to 32,098 , 99.
At the annual Jackson Hole symposium, Powell renewed the central bank’s determination to curb the surge in inflation with further rate hikes, even at the risk of causing distress to the US economy.
“Investors are realizing that the Fed is serious about reducing inflation, although recent data seems to suggest that inflation is starting to fall,” commented Rod von Lipsey, managing director of UBS Private Wealth Management. that the summer market rally was ephemeral and we continue to recommend investors to remain selective and focus on defensive equity sectors such as health care and dividend paying equities ”.
Among the stocks that lifted the US stock market in today’s session, Best Buy stands out, after the electronic products retail company reported better-than-expected earnings and revenues from analysts.
Best Buy ended the second quarter with earnings per share of $ 1.54, on revenue of $ 10.33 billion. Analysts polled by Refinitiv had forecast an eps of $ 1.27 on a turnover of $ 10.24 billion. Best Buy also confirmed the outlook for the full year.
The Chinese giant Baidu, whose stock is listed in New York, also welcomes the quarterly report. The prices jump on the Nasdaq by more than + 3.5%.
“Despite a challenging macro environment caused by Covid-19, Baidu Core generated 23.2 billion yuan in revenue in the second quarter, while Baidu AI Cloud revenue maintained strong growth momentum, climbing 31% year-on-year. and 10% on a quarterly basis ”, commented CEO Robin Li.
At approximately 13.55 Italian time, the futures on the Dow Jones rose by 200 points (+ 0.61%); those on the S&P 500 advanced by 0.73% and those on the Nasdaq by more than + 1%.