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Bursaries on the other side of the Atlantic were gaining ground after the release of the minutes of the last Fed meeting, but Microsoft's sleaze, which swept away much of the tech sector, did not allow on Wall Street to end the ecology. But even if they could not follow, the losses were slight.
The Dow Jones Industrial Average closed down 0.11% to 25,338.84 points and Standard & Poor's 500 fell 0.22% to 2,737.80 points.
For its part, the Nasdaq Composite technology is depreciated by 0.25% at 7,273.08 points.
It was what is called "another day of these". The day was relatively calm when the publication of the minutes of the last meeting of the Fed (7 and 8 November) again showed what the Federal Reserve Chairman, Jerome Powell, had already revealed yesterday: that the Interest rate may increase in the United States slows down or this monetary normalization movement is even halted.
It was enough to encourage the investors and the stock exchanges took again with joy. But it was "little hard sun". Towards the end of the session, major US stock indexes ended up reporting gains and all ended up in the red.
Reason: the fall of Microsoft. The company led by Satya Nadella, which had dethroned Apple two days ago as the most valuable company in the world, was losing ground today (falling 0.84% to 110.19 dollars) and was the company listed in the technology sector at the fall of the Nasdaq, resulting in most of its congeners.
The result: although Apple also closed down (down 0.77% to $ 179.55), the apple company led by Tim Cook has managed to outperform Microsoft in market value. It resulted in a market capitalization of 853.17 billion dollars, while Microsoft stood at 852.96 billion dollars.
So, once again, the tech sector has finally drawn pessimism into the sentiment of investors on Wall Street, infecting most stock exchanges.
Fears over trade tensions between Washington and Beijing have also weakened the trend – with Argentina, where the G20 summit between Donald Trump and Xi Jinping will take place tomorrow and Saturday.
Faced with these scenarios, Wall Street declines were not only larger because of the "Fed effect".
Yesterday, Jerome Powell took a firmer stance on rising interest rates in the US, citing the possibility that the central bank is getting closer to what is thought to stem the cycle of rising interest rates. interest.
These prospects have eased fears of rising corporate borrowing costs and largely dissipate the fact that higher interest rates would also lead to a potential slowdown in the economy, thanks to a more expensive currency.
Today, the minutes of the last Fed meeting indicate the same direction. It appears that interest rates were raised at the November 18-19 meeting, plus 25 basis points (the ninth increase since the start of the central bank interest rate hike cycle). in December 2015), but that they will probably not increase by 2019 the four times that he anticipated.
In these minutes, the Federal Reserve argues that a further increase in interest rates is "necessary in the near future". However, he is worried about the trade dispute between the United States and China and the debt of US companies.
"Once again, the Fed is raising the possibility of a [na subida dos juros] in 2019, "said Chris Low, chief economist at FTN Financial.
Yesterday, Mr. Powell said that interest rates are "just below" the level of the neutral policy, that is, there is no slowdown or acceleration of economic growth. In addition, the Fed Chairman pointed out that the effects of rising interest take time to reflect on the data. This has led investors to be more convinced that the Federal Reserve is preparing to slow down or even stop the central rate. It remains to be seen if this will be the case.
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