Traders work at the New York Stock Exchange
NEW YORK (Reuters) – The New York Stock Exchange fell slightly on Wednesday, as recession risks and the prospect of further interest rate hikes regained the upper hand across markets after a sharp start to the week. renewed appetite for risk.
The Dow Jones index fell 0.14%, or 42.45 points, to 30,273.87 points.
The broader S&P-500 fell 7.65 points, or 0.20%, to 3,783.28 points.
The Nasdaq Composite fell for its part by 27.77 points (-0.25%) to 11,148.64 points.
As investors worry about the economic slowdown, the US private sector job creation indicator showed that the sector remained buoyant, suggesting that rising interest rates have not has yet to have a major effect on the labor market as the Federal Reserve works to curb inflation.
According to the monthly survey by the ADP institute, the private sector created 208,000 jobs in September, slightly more than expected on average by economists.
These new data reinforce the prospect of seeing the Fed decide to raise its key interest rates by another 75 basis points during its monetary policy meeting in early November.
San Francisco Fed President Mary Daly repeated on Bloomberg TV on Wednesday that the central bank will not let up until inflation is under control.
“The path is clear: we’re going to push rates into restrictive territory and keep them there for a while,” she said.
In this context, the energy sector benefited from OPEC+’s decision to cut production by two million barrels per day, the largest drop since the crisis caused by the COVID-19 pandemic, due to falling global demand.
Twitter (-1.30%) on the other hand marked time after gaining 22% on Tuesday following the relaunch of the Elon Musk buyout offer for 44 billion dollars. Tesla, led by the billionaire, lost 3.45%.
(Report by Herbert Lash, French version Tangi Salaün)