New York (AFP)

The New York Stock Exchange ended down on Tuesday, driven by profit taking but also by higher-than-expected inflation figures in the United States, which cast uncertainty on US monetary policy.

The Dow Jones ended down 0.31% to 34,888.79 points, the technology-heavy Nasdaq lost 0.38% to 14,677.65 points and the extended S&P 500 index lost 0.35% at 4,369.21 points.

The market expected Tuesday the first salvo of corporate results, marked by the banks JPMorgan Chase and Goldman Sachs.

The two establishments posted quarterly profits significantly higher than expected, fueled by the good health of the US economy.

However, the two stocks spent the entire session in negative territory as the market held back the slowdown in income from trading.

JPMorgan Chase conceded 1.43% to 155.74 dollars, while Goldman Sachs dropped 1.02% to 376.60 dollars.

"With stocks at or near record highs, people tend to sell after publication" of results, said Art Hogan, chief strategy officer at National Securities.

"The other piece of the puzzle today is clearly concerns about persistent inflation," he added.

Consumer prices continued to climb in June in the United States, and experienced their largest increase since 2008, both over one month (+ 0.9%) and over one year (5.4%), according to the CPI index released Tuesday by the Labor Department.

"While it's easy to explain a lot of the components of that figure," including rising prices for used cars, airline tickets, or hotel rooms, which are transient in nature according to Art Hogan, " this reinforces the general market concern that inflation may be less transient than we thought. "

The producer price index (PPI) in the United States, expected on Wednesday, should provide more information on the phenomenon, especially since, as Art Hogan points out, this figure often represents a more advanced indicator than prices. for consumption.

In the bond market, yields on 10-year Treasuries rose sharply to 1.41%, continuing to rebound after hitting 1.24% last week.

Another big American name to launch Tuesday with the banks, the giant of drinks, chips and other snacks PepsiCo (+ 2.31% to 152.96 dollars) took advantage of better than expected results and a rise in its revenue and earnings per share targets.

The American aircraft manufacturer Boeing suffered from the announcement of a reduction in its production of long-haul 787s following manufacturing defects near the nose of the aircraft.

The title dropped 4.23% to 228.20 dollars.

Major US airlines all fell back ahead of Wednesday's release of Delta Air Lines quarterly results on Wednesday.

United Airlines lost 4.19%, American Airlines 3.93% and Delta 3.55%.

The day after the filing of a document announcing a possible capital increase, Virgin Galactic again experienced a difficult session, dropping 7.20% to 37.76 dollars.

The aeronautical group, which sent its founder Richard Branson to the space border on Sunday, has lost a third of its capitalization since the end of June.

© 2021 AFP