Wall Street is set to open slightly lower on Friday morning, as a consolidation trend begins to take shape in the wake of a session marked by new record highs for the S&P 500.
Half an hour before the opening, futures on the main New York indices are down between 0.1% and 0.2%, signalling an opening in negative territory.
Yesterday, the S&P had set new all-time highs, both during the session and at the close, driven mainly by the more defensive and cyclical segments of the market, at the expense of technology.
Nevertheless, market participants appear to be looking for new catalysts to keep indices at their highs, while US trade policy continues to raise questions.
While investors seemed reassured this week by the absence of ‘universal’ tariffs on the occasion of Donald Trump’s return to the White House, they are following developments very closely.
In addition, the results of listed companies published this morning did little to arouse enthusiasm.
American Express reported a performance broadly in line with analysts’ expectations, while Verizon posted a better-than-expected performance, but without impressing observers.
The economic agenda looks relatively quiet this Friday, although it will be enlivened by the publication of the Michigan housing sales and consumer confidence index shortly after the opening.
With the recent return of risk appetite in equity markets, bonds are mechanically less attractive, leading them to continue their recent consolidation trend.
The yield on 10-year Treasuries is rising again, back above 4.64%.
On the currency markets, the euro confirmed its return above the $1.04 threshold, and is now approaching the $1.05 mark ahead of next week’s Fed and ECB meetings.
Crude oil prices are attempting to recover following yesterday’s announcement of a sharp drop of one million barrels in US oil inventories last week.
West Texas Intermediate (WTI) crude is up 0.4% at $74.9, but is still heading for losses of around 4% for the week.
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