(Finance) – Wall Street starts trading lowerconfirming the conclusion of one overall bad weekafter the euphoric reaction following Trump’s election to the 2024 Presidential elections. Some profit-taking undoubtedly affected the market, but the caution expressed by Powell regarding future rate cuts also negatively influenced the market, as did the Chinese macroeconomic data contrasting.
Fed Chairman Jerome Powellin a speech yesterday in Dallas, confirmed that the central bank he is “in no rush” to cut interest rates againespecially in light of the uncertainty surrounding Trump’s return to the White House and his protectionist and deficit policies, which could fuel a new surge in inflation. “I think it’s too early to make any judgments here,” Powell said, adding “we don’t really know what policies are going to be put in place.”
Contrasting Chinese macro data also weighs heavily arrived this morning. Industrial production increased by 5.3%, less than expected (+5.5%), while retail sales rose by 4.8%, more than expected (+3.8%), thanks to the Christmas holiday Golden Week at the beginning of the month.
From the USA they arrived instead overall positive data: le retail sales they grew by 0.4% and exceeded expectations and also the Empire State Index it rose to +31.2 points, above the consensus.
The index Dow Jones it started in the red, with a reduction of 0.32%; on the same line theS&P-500which slipped to 5,906 points. Negatives the Nasdaq 100 (-1.4%) and theS&P 100 (-0.96%).