Yesterday on Wall Street

Posted 02 June, 2022

The final PMI manufacturing index came out slightly below expectations but still reflects a strong expansion to 57 against 57.5 consensuses.

The ISM manufacturing index for the same month stood at 56.1, against 54.5 consensuses and 55.4 a month earlier.

The FED's Beige Book, released in the evening, showed that US economic growth slowed slightly in May to a mild to moderate pace but despite this tensions remained high on employment and supply chains.

The 10-year yield jumped in session by 10 basis points to 2.95% before returning to 2.91%, while the 2-year yield gained 8 basis points to 2.64%.

Salesforce (+ 9.14% to 176.05) revised its adjusted annual profit forecast upwards, stating that it did not see any significant impact of the deterioration in the economic outlook on its activities.

Pfizer (-1.43% to 52.37) intends to sell its 32% stake in Haleon, its joint venture in personal care products and non-prescription drugs after the latter was spun off and entered into the Stock market in July, said Wednesday  GlaxoSmithKline (- 1.91% to 43.06) the other shareholder of the company.

Apple (- 0.19% to 148.689) will transfer to Vietnam part of the iPad production capacity currently installed in China, bringing the economic daily Nikkei.

The luxury group Capri (+1.05% to 49.23), which owns the brands Michael Kors, Versace, and Jimmy Choo, among others, raised its annual profit forecast.

The CMA, the British competition authority, has announced that it is opening an investigation into the proposed merger of the sports content distribution activities of BT Group (- 0.64% to 2.345) with those of Warner Bros Discovery (- 4, 28% at 17.66).

Investor advisory firm ISS recommended on Tuesday that airline shareholders reject Frontier Group Holdings ' merger offer (-5.3% to 10.18), to which it prefers Jetblue Airways' counter-offer (-4.7% to 10.235).

Sage Therapeutics (+9.53% to 34.25) and Biogen (-0.06% to 199.89) announced that a clinical trial of their experimental treatment for postpartum depression had achieved its main goal.

The  Dow Jones  thus lost 0.54% to 32,813.23 points, the  Nasdaq Composite  0.72% to 11,994.46 points and the  S&P 500  0.75% to 4,101.23 points.

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