Wall Street: Cautious attempt to rebound for stocks

(CercleFinance.com) – After falling for four sessions, Wall Street attempted a timid rebound on Tuesday: the Dow Jones rose 0.3% to 32,850 points and the S&P500 0.1% to nearly 3,822 points, while the Nasdaq Composite ended steady at 10,547 points . .

At yesterday’s close, the S&P was down more than 6% from recent highs in early December, a sharp pullback that appeared to prompt some investors to start rebuilding their positions.

“History suggests that after a 16.2% annual decline (as of December 14th), the S&P500 could see a more favorable fate in 2023,” predicted Gregory Drahuschak, strategist at Janney Montgomery Scott.

Alongside the small rise in stocks, US Treasury yields rose nine basis points to 3.68% for the benchmark 10-year yield, which also appeared to signal less risk aversion.

The only macroeconomic data of the session, US housing starts fell just 0.5% last month, but building permits fell 11.2%, largely missing consensus.

In terms of values, General Mills fell 4.6% despite the agri-food group raising its financial targets for its 2022-23 financial year ahead of the publication of its quarterly results.

Wells Fargo fell 2% after announcing a settlement with the Consumer Financial Protection Bureau (CFPB) that settles several disputes related to auto and mortgage lending practices.

Tesla fell 8% after Mizuho cut its price target on the electric carmaker’s stock from $330 to $285, citing lower volume sales expectations for 2023 and 2024.

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