Forex Analysis & Reviews: 08.02.2023 - American stock indices are...

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08.02.2023 05:17 AM

American stock indices are falling during trading

Atlanta Federal Reserve Bank (FRB) President Rafael Bostic (he does not have a vote on the Federal Open Market Committee this year) believes the Fed may have to raise its benchmark interest rate higher than previously expected as strong data on the US labor market showed that economic activity in the US is slowing down slightly. Bostic said they would have to do a bit more work, and the Fed would have to raise rates higher than forecasts indicate.

The US trade deficit in December 2022 increased by 10.5% to $67.4 billion, the country's Department of Commerce said. According to the revised data, in November, the negative trade balance amounted to $61 billion, and not $61.5 billion, as previously reported. The rate was the lowest since September 2020. Experts, on average, expected growth to $68.5 billion from the previously announced November level.

By 17:57 GMT+3, the Dow Jones Industrial Average fell by 101.03 points (0.3%) to 33,789.99 points.

The Standard & Poor's 500 fell 8.33 points (0.2%) to 4102.75 points.

The Nasdaq Composite lost 7.09 points (0.06%) to 11,880.36 points.

Aramark shares are down 11.3%. The U.S. company, which supplies food and special clothing to employees of hotels, universities, hospitals and stadiums, increased its net profit and revenue in the first quarter of fiscal year 2023, with revenue growth exceeding market expectations.

Shares of Pinterest Inc. are down 5.8%. Internet service visual bookmarks in the fourth quarter received a net profit and revenue worse than expected.

Comcast Corp. shares are down 0.2%. The largest U.S. Internet and cable TV provider continued to cut its stake in Internet news company BuzzFeed Inc. Comcast sold 5.1 million BuzzFeed securities between Feb. 2 and Feb. 6, the media company said in a report. It previously reported that it sold more than 5.7 million shares of BuzzFeed in several transactions between Jan. 30 and Feb. 1.

Shares of Bed Bath & Beyond Inc. fall by 41.6% after taking off by 92% in previous trading. The American retailer managed to enlist the support of investors, which allowed it to avoid declaring bankruptcy, Bloomberg reports citing informed sources.

Papers Centene Corp. down 1.8%. The health insurance and maintenance company ended the fourth quarter with a net loss, but improved its full-year revenue guidance.

Share price of DuPont de Nemours Inc. grows by 6.7%. The American chemical company reported a decline in net profit and revenue in the fourth quarter of 2022, although adjusted profit and revenue beat market expectations.

Papers Boeing Co. rise in price by 1%. The American airline company is preparing to cut jobs in the financial department and the personnel management service in 2023. It is expected that the cuts will amount to about 2 thousand jobs, mainly in the field of finance and HR.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.