New York (AFP)

The New York Stock Exchange modestly rebounded before Friday after three consecutive days of losses for the Nasdaq and the S&P 500.

At 3:30 p.m. GMT, the index of flagship stocks Dow Jones gleaned 0.28% to 31,530.38 points.

The Nasdaq, with strong technological coloring, gained 0.54% to 13,940.61 points and the S&P 500 took 0.27% to 3,924.54 points.

The day before, Wall Street had finished in the red, the Nasdaq and the S&P 500 releasing ballast for the third session in a row while investors remain nervous vis-a-vis the rise of the bond rates.

"US stocks are up early in the session after some volatility that has been fueled by concerns about rising inflation and rising Treasury yields of late," Schwab analysts noted.

The rate on 10-year Treasury bills rose to their highest level in a year on Friday at 1.3364% against 1.2956% the day before.

This rise in bond yields weighed down over the week on sectors, in particular technology, which are more focused on growth.

Around 1.3%, these ten-year rates "are not high historically speaking but they are relatively high for the recent period", explained Art Hogan of National, recalling that they did not exceed 0.9% at the beginning of the year.

The fear of investors is that the adoption of President Joe Biden's massive $ 1.9 trillion stimulus package, coupled with the prospect of a rebound in growth after vaccination campaigns, will cause the economy to overheat and a risk of inflation.

To protect against this, some investors sell their bonds whose fixed income may be eroded by inflation.

This increases the yield of these bonds which evolves in the reverse of their price.

At the same time, institutions like the Fed, in the minutes of its last monetary meeting, or the IMF in a blog on Friday, continue to ensure that inflation fears are overblown.

One sector benefited from this rise in rates, that of banks.

JPMorgan, Citigroup, Goldman Sachs, Wells Fargo all rose more than 1% at the opening.

IBM lost 1%, even if its idea to sell its loss-making IT and health branch IBM Watson Heatlh, according to the press, seemed to appeal to several analysts.

Uber climbed more than 2% despite the British court ruling in favor of a real "worker" status for the drivers of the car reservation group.

The star of the day was Deere stock: + 11% after opening.

The American agricultural and garden machinery giant announced Friday a doubled profit for the 1st quarter and bright prospects for the whole year, in particular thanks to the improvement of the agricultural market with the rise in prices.

© 2021 AFP