Moderate gains on Wall Street after drop in Intel and PCE index
Wall Street trades with moderate gains on Friday after Thursday’s winnings and due to the collapse of the Intel after publishing results and anticipating very weak guidance for investors.
One of the main chip manufacturers in the United States and the rest of the world fell almost 10% during the session, after registering a decline of 1.5%. low forecast The report also reflects negative statements made by the company’s CEO, Pat Gelsinger.
” We stumbled, it’s true, we lost participation, we lost momentum.. We think it will level off this year,” he said in a conference call with analysts Thursday after the U.S. market closed.
“Our first quarter results and our guidance for the first quarter are below what we expect ourselves,” he acknowledged.
Before the opening, other leading companies presented their figures, such as eg. American Express, Colgate-Palmolive and Chevron..
After the first estimate of the fourth quarter US GDPwhich reflected a moderation in the pace of growth until the end of the year. 2.9% annualized, although it was higher than expected at 2.6%, the market is focusing its attention on the PCE inflation data.
The personal consumption price index is the price variable . closely watched by the Fed and its behavior is key in the central bank’s rate decision next week (consensus now expects it to moderate its rate hikes until 25 basis points).
The website moderated from 5.5% to 5.5% year-on-year, while the Underlying PCEexcluding food and energy, moderated its year-on-year increase to 4.4% since 4.7%The latter is the lowest since October 2021 and is in line with expectations.
TECHNICAL ANALYSIS AND OTHER MARKETS
“In recent weeks, the S&P500 managed to exceed the average of 200 sessions and seems to show signs of a more solid recovery in its technical aspect”, explains César Nuez, analyst at Bolsamanía.
“Very close to current trading levels, the North American selective index presents resistance at 4,100 points. Any technical improvement depends on exceeding these prices. If it manages to overcome them, it is very likely that we could see an attack from the key resistance at 4325 points,” he adds.
“Only after overcoming these prices will we consider a trend change and a return to all-time highs from the start of 2022 at 4,818 points. Below, the first level of support is located at 3,885 points. We will not see any signs of weakness as long as it continues to trade above this price level,” Nuez concludes.
In other markets, oil West Texas rebounded 0.4% ($81.31) and the Brent is up 0.3% ($87.75). During this time, the euro depreciates by 0.15% (1.0874 dollar), and the ounce of euro gold down 0.3% ($1,927). In addition, the performance of US 10-year bond rises to 3.52% and the bitcoin is down 0.1% ($23,086).