Home » Wall Street opens flat after recent sales, down Apple and Tesla

Wall Street opens flat after recent sales, down Apple and Tesla

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Wall Street opens flat after recent sales, down Apple and Tesla

Little moved departure for Wall Street, after the losses of the beginning of the week. After a few minutes of trading, the Dow Jones is up 0.1%, the S&P500 is unchanged and the Nasdaq is down 0.1%.

Apple is down (-0.8%) after forecasts by Japanese supplier Murata Manufacturing of a reduction in iPhone 14 production in the coming months due to weakening demand. Meanwhile, the Cupertino giant has scaled back its plans in the autonomous driving sector, postponing the launch of its vehicle by about a year to 2026.

Tesla was also down (-1.4%), in the wake of persistent fears about demand in China.

Markets remain nervous on fears of a recession and ahead of next week’s Fed meeting, when inflation data will also be released.

The American central bank should opt for a 50 basis point rate hike, slowing down the pace of the tightening after four consecutive 75 bp interventions. However, the FOMC could maintain a restrictive tone in the light of the latest macro data, in particular those on the labor market and the tertiary sector, which have strengthened the prospect of high rates for an extended time.

The latest pessimistic statements on the economy by the heads of JP Morgan and Goldman Sachs contributed to worsening the sentiment, in addition to the weak Chinese data on exports in November (-8.7%).

As regards the macro data, in the week ending 2 December mortgage applications in the USA recorded a drop of 1.9%, while fixed rates on thirty-year mortgages fell by 8 basis points compared to the previous week, settling at 6.41%.

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