Sunday, August 14

Wall Street is trading mixed, waiting for the Fed to pronounce itself

Key day in the American markets, on a day in which the Fed will decide and communicate whether or not to present a change in its monetary policy and the result of which we will know at 8:00 p.m. (Spanish time). Traders have already put themselves in the worst that is that the decline in bond purchases will accelerate, that some rate hike may be dropped more than another in the dot diagrams and that inflation may stop talking as transitory.

In any case, and after yesterday’s closing down -with the Dow Jones losing -0.30%, the S&P 500 -0.75% and the Nasdaq more than -1% -, this Wednesday the Wall Street futures are trading mixed: the DOW JONES up 0.15% at 35,597.2 and the S&P 500 adds 0.12% at 4,639.50. For its part, the NASDAQ cut 0.10% to 15,901.10 points.

On the corporate front, a field study in South Africa shows that the effectiveness of the Pfizer and Biontech vaccine after 2 doses reaches 70% to prevent hospitalization and severe illness, but only reaches 33% to prevent contagion. On the other hand, the American pharmacy advanced that its oral treatment against the coronavirus (in phase 3 of the study) has an effectiveness of 89% against hospitalizations and death. They also pointed out that it works against Ómicron. At today’s pre-open, Pfizer shares are trading 1.13% higher at 56.17.

The American company 3M would be close to closing an agreement to merge its food safety business with Neogen, according to sources quoted by The Wall Street Journal yesterday. The new merged company would reach a value of $ 9,300 million. Before opening, 3M stocks fell 0.30%.

The CEO of the carmaker Tesla, Elon Musk, sold another package of shares in the company, specifically some 934,000 titles for about $ 906 million, according to SEC records. In addition, Musk announced that Tesla will put up merchandising related to the cryptocurrency Dogecoin for sale. Tesla shares closed yesterday with cuts of -0.82% and at the moment they cut another 0.99%.

The CEO of Ford Motor commented last night that the company has a chance to outperform Tesla in electric vehicle sales.

The oil prices They fell for the third day in a row due to growing expectations that growth in supply will exceed growth in demand next year, despite the fact that the variant of the omicron coronavirus is not seen as slowing mobility as sharply as previous variants of the COVID-19. Right now, Brent oil futures fell 0.91% at $ 73.12, while West Texas fell 1.07% to $ 69.97.

Bitcoin is experiencing a rising day today with rises of 3.33% at 48,235.9 dollars.

At by EUR / USD the euro is trading 0.11% higher at 1.1270.

Politics and macro

The Fed will stop bond purchases in March 2022 and raise rates in June, according to a survey by the CNBC.

Only 36% of fund managers believe that inflation is permanent, 55% still think it is temporary, according to a survey by a major US analysis house.

Investors discount that the Fed will end the tapering in April 2022 and that there will be two rate hikes next year, according to a survey by a major US analysis house.

Yesterday it was known that the Producer Price Index (PPI) in the United States it rose to 9.6% in November on an annual basis, its highest level on record. The PPI rose 0.8% in November compared to the previous month, exceeding the expectations of the markets of 0.5%, which were 9.2% for November.

The On Tuesday, the United States Senate approved raising the limit on the federal government’s debt by 2.5 trillion dollars until 2023, up to about 31.4 trillion, and sent it to the House of Representatives for approval and avoid an unprecedented default.

GDP of economies that make up the G-20 registered growth of + 1.7% in 3Q21, thus accelerating substantially compared to the expansion of + 0.4% observed between April and June, according to data from the Organization for Economic Cooperation and Development (OECD).

Agenda of the day

In the United States, in addition to the FOMC meeting and the Fed president’s press conference, we also have relevant data such as retail sales without gas / automobiles for the month of November, we will also have data on the price indices of both import and export, and weekly crude stocks.

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