Wall Street: prudence of putting before the first results

The American equity markets are evolving without real trend on Monday in a context of persistent concern about commercial issues. Meanwhile, caution on the eve of the start of the season of the results of companies in the second quarter.

At the end of the morning, the Dow Jones index of the 30 main values sold 0.1% to 44,342.1 points while the wider S&P 500 is virtually unchanged at 6,257.6 points. In addition, The Nasdaq Composite, with a strong technological component, gains 0.2% at 20,629.4 points.

After aligning two consecutive weeks of rise. Similarly, Wall Street had finished on a slight weekly withdrawal last week, assigned by the resurgence of commercial uncertainties due to the hardening of your obvious Donald Trump with regard to certain partners of the United States.

Investors are preparing to live from tomorrow a new season of results which will be animated wall street: prudence putting before by a well -identified. Consequently, objective: to reassure themselves as to the impact of customs surcharges on business profits as well as their activity prospects.

A sign of the still deleterious climate that reigns on the side of trade relations. Donald Trump announced during the weekend the establishment of 30% surcharge on imports from the European Union and Mexico, from August 1.

According to Factseet data, the results of the groups listed on the S&P 500 should display an average increase of 4.8% compared to the second quarter of 2024, their lower growth since the end of 2023.

These are the big American banks Citigroup. Jpmorgan and Wells Fargo, whose stock market courses have appreciated this year, which will be the first to unveil their accounts tomorrow.

Their counterparts Bank of America. Goldman Sachs will then publish their results this Wednesday, before 3m, American Express and Netflix followed them in the second half of wall street: prudence putting before the week.

The capacity of the S&P 500. the reference stock market index for American fund managers, to seek new records this week will largely depend on the quality of these publications, but also on a series of highly anticipated economic indicators.

From this point of view. the market will be very attentive tomorrow to the last figures of American inflation which could, there too, begin to reflect the impact of the protectionist policy implemented by the Trump administration and call into question the scenario of a next softening.

The rest of the stock market week will be led by other economic indicators. including retail, industrial production and data on real estate construction.

Any figure suggesting a more marked than expected impact of customs surcharge on inflation. growth would be likely to lead investors to think that the first drop in interest rate will occur later than what is currently planned, that is to wall street: prudence putting before say September.

The prospect of a more accommodating policy on the part of the Fed is among the elements behind the bullish. momentum that Wall Street has known for three months.

After a laborious first quarter. the S&P 500 has taken over more than 25% since April 8, a rebound that makes certain analysts say that American shares have become expensive again.

The capitalization ratio of the results of the S&P 500 now comes out at 21.9x, a level much higher than its historic averages at five and ten years.

On the foreign exchange market, the dollar manages to stop its withdrawal and even grabes 0.1% to 1.1680 against the euro but the phenomenal thrust of the bitcoin around 122. 500 dollars, the outbreak of metal money around 39 dollars per ounce and the copper that remains at high levels seem to indicate that investors are looking for an alternative to the greenback.

The tension wall street: prudence putting before on long rates is confirmed with a paper yield at ten years which is anchored beyond 4.400%, at more than 4.43%.

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