The New York stock market closed in the red on Wednesday, recovering from a negative session due to higher bond yields and a strong recovery from the start of the week.

New York Stock ExchangePhoto: Sipa USA / ddp USA / Profimedia
  • Dow Jones lost 0.14% to 30,273.87 points,
  • The Nasdaq fell 0.25% to 11,148.64 points,
  • The S&P 500 lost 0.20% to close at 3,783.28 points,
  • All three indexes fell for the day by more than 1%.

“The market was cautious this morning on talk of a possible rate hike by the Fed, but stocks have since recovered well,” LBWW’s Carl Heyling summarized for AFP.

Treasury yields rebounded after falling in recent sessions on expectations that the Federal Reserve will be more lenient on raising interest rates after several weak U.S. economic indicators. They were at 3.74%, compared with 3.63% at 20:00 GMT for the 10-year note.

Despite that tension in bonds, stocks recovered slowly late in the evening: “I think we’re in a wait-and-see situation before Friday’s US jobs report,” suggested Carl Heyling.

The analyst also noted that after the market oversold at the end of last week, investors may be ready to wait for two other important events: the CPI inflation index for September, which will be released next week, and the start of corporate earnings. season

On the energy front, crude oil prices accelerated following Wednesday’s decision by the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies to cut output by two million barrels per day.

The price of a barrel of Brent oil rose by 1.70% to $93.37, the highest since September 15. US WTI rose 1.43% to $87.76.

Among indicators, the US economy continued to add jobs steadily in September (+208,000, more than expected), according to the ADP survey of private sector employment.

Investors await official labor market data on Friday, with September’s unemployment rate expected to remain unchanged from August at 3.7% and September’s expected 275,000 new jobs.

In the services sector, growth in activity was broadly steady at 56.7% in September, slightly above expectations, according to the ISM trade federation barometer.

Thanks in part to the favorable data, the dollar recovered and the European currency fell 1% to $0.9884 per euro at 20:00 GMT.