Wall Street is set to open slightly lower on Wednesday morning, as investors continue to take profits following a bull run that saw markets set a string of record highs in late 2023.

Half an hour before opening, futures on the main New York indices were down between 0.4% and 0.8%, heralding a session start in the red.

The US stock markets have just racked up nine consecutive weeks of gains since the end of October, a momentum that has enabled the Dow Jones and Nasdaq to set new all-time highs.

Investors are still comfortable with the idea that the slowdown in inflation and economic activity will enable the Fed to lower interest rates as early as March.

But, for the teams at Amplegest, this return to optimism must nevertheless be put into perspective.

"As is often the case, the movement is a little excessive in relation to macro-economic reality", stresses Emmanuel Auboyneau, associate manager at the independent asset management company.

Inflation is easing, but remains above posted targets", stresses the professional, adding that too much easing of financial conditions could cause a premature "draught" for the economy.

The hopes of market participants could be confirmed or, on the contrary, dispelled by the publication of the ISM manufacturing index at the start of the session.

The consensus forecasts a slight rise in December, after the previous month's stability.

The rise in long-term US bond yields, notably the 10-year, which is back towards the 4% mark, shows that investors are still questioning the course of monetary policy.

On the currency markets, the euro's rebound failed to hold, as traders felt that the economic outlook for the euro zone augured a weak single currency this year.

As a result, the dollar climbed back to around 1.0915.

U.S. oil climbed back to $70.9 a barrel against a backdrop of continuing tensions in the Bab El-Mandeb Strait, a strategic crossing point accounting for 21% of world container traffic.

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