Wall Street surges ahead at open, Company news

PARIS, May 23 (Reuters) – The New York Stock Exchange is moving higher on Monday, helped by the rebound in growth stocks, after the Standard & Poor’s 500 briefly moved into the “bear market” during the previous session. ) in the face of economic fears.

In early trading, the Dow Jones index gained 401.67 points, or 1.28%, to 31,663.57 points and the broader Standard & Poor’s 500 rose 1.1% to 3,944.2 points.

The Nasdaq Composite took 0.87%, or 98.692 points, to 11,453.309.

The three main US indices closed another week in the red on Friday, as inflation concerns and the prospect of a rapid Federal Reserve rate hike again rattled stock markets, especially as forecasts for large retailers, such as Walmart, have heightened fears about the impact of cost increases on corporate profits.

The Standard & Poor’s 500 thus passed Friday during the session in the “bear market”, ie 20% below its record at the beginning of January.

Comments from US President Joe Biden open to tariff relief on Chinese imports to counter inflation are helping improve market sentiment.

“Investors see this as a possible de-escalation of the trade war between the two economic superpowers, which has revived operators’ optimism towards riskier assets,” said Pierre Veyret of ActivTrades in a note.

In values, Meta, Microsoft, Alphabet, and Apple gained between 0.59% and 2.13%.

VMWare jumped 18.74% after reports of Broadcom’s (-4.89%) interest in the cloud computing service provider.

JPMorgan gains 4.39% after the update of its financial forecasts, marked in particular by the upward revision of its forecast for net interest income (excluding markets) 2022, to 56 billion dollars (52.5 billion euros). euros).

Didi gains more than 7% after its shareholders overwhelmingly voted for its plan to delist its shares on the New York Stock Exchange.

(Written by Laetitia Volga, edited by Jean-Michel BĂ©lot)

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