Mid-Session Analysis AOF Wall Street – A Tepid Rise Amid Easing Rates – 09/28/2022 17:54

(AOF) – The rally in US equity markets ultimately came on timidly, with indices showing a positive response to rate easing linked in part to the Bank of England’s decision to buy 10 dollar bonds. years. US 10 yields 16 pts at 3.77%. Gilt in the UK loses 46 pts. Recession fears also remain very strong in a tense international context characterized by the determination of central banks to curb inflation by raising interest rates. At around 5:40 p.m., the Dow Jones gained 0.90% to 29,398.21 points and the Nasdaq 0.78% to 10,914.01 points.

On Wall Street, Apple fell 3.43% to $146.56, posting the biggest drop in the Dow Jones Industrial Average. The US tech group has reportedly scrapped plans to ramp up production of the iPhone 14 this year after finding that the expected surge in demand failed to materialize, sources familiar with the matter told Bloomberg. This information weighs on the performance of the firm’s subcontractors in the block. STMicroelectronics (-2.64% to 33.62 euros) thus recorded one of the largest falls in the CAC 40 index.

Today’s economic figures

The US Energy Information Agency (EIA) said crude inventories fell 0.2 million barrels to 430.6 million last week. Specialists forecast an average increase of 0.44 million barrels. Gasoline inventories, for their part, fell by 2.4 million barrels, while those of distillate products, including heating oil, fell by 2.9 million barrels. The consensus expected a drop of 709,000 barrels and a rise of 69,000 barrels respectively.

In the United States, the promises of home sales in August fell by 0.2%. Economists had forecast a drop of 1.4%, after -0.6% in July (revised from -1.0%).

In the United States, the promises of home sales in August fell by 0.2%. Economists had forecast a drop of 1.4%, after -0.6% in July (revised from -1.0%).

In the United States, the trade balance deficit narrowed slightly in August. It stands at $87.3 billion compared to $89.06 billion in July.

The values ​​to follow today

Apple

Apple reportedly abandoned plans to increase production of the iPhone 14 this year after discovering that the expected increase in demand had failed to materialize, sources familiar with the matter told Bloomberg. Apple is expected to eventually produce 90 million iPhone 14s in the second half, as expected, after considering ramping up production to 6 million devices.

Blackberry

Blackberry released second quarter results that beat analysts’ forecasts. The group announced earnings per share of $0.05 on sales of $168 million. Analysts polled expected EPS of $0.07 on revenue of $161.45 million. The company’s net loss fell to $54 million, or $0.10 per share, from a loss of $144 million, or $0.25.

lyft

Anticipating a recession, Lyft, Uber’s rival US VTC group, has made the decision to freeze hiring in the US until the end of the year. Fears of an economic recession in the country are becoming more significant on the other side of the Atlantic. According to siliconangle.com, the company, which cut 60 jobs in its rental division in July, faces mounting expenses amid exponential inflation, the highest in 40 years.

Dennis Alvarado

"Total social media fan. Travel maven. Evil coffee nerd. Extreme zombie specialist. Wannabe baconaholic. Organizer."

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