Posted on Jul 31, 2023 at 10:34 PM
par Echo Wang
NEW YORK, July 31 (Reuters) – The New York Stock Exchange ended slightly higher on Monday, with its main indexes little changed in the final session of July, as investors focused on results, including Amazon and Apple. , and economic indicators, including employment, expected this week.
The Dow Jones Industrial Average gained 0.28%, or 100.24 points, to 35,559.53 points.
The broader S&P-500 gained 6.73 points, or 0.15%, to 4,588.96 points.
The Nasdaq Composite advanced for its part by 29.37 points (0.21%) to 14,346.02 points.
All three major Wall Street indices posted gains for July as a whole, driven by strong quarterly results and hopes of a soft landing for the US economy as inflation slows. fueled the hypothesis of an end to the US Federal Reserve (Fed) monetary tightening cycle.
Noting the lack of clear direction during today’s session, Ross Mayfield, an analyst at Baird in Kentucky, said this was likely a consequence of the range of data expected in the near term.
According to Refinitiv data released on Friday, quarterly results for S&P-500 companies are expected to be down 6.4% year on year, compared with a 7.9% decline expected last Monday.
Among the main catalysts for Wall Street in July, high-growth stocks such as Alphabet, Meta Platforms and chipmaker Intel , which reported better-than-expected results.
As it raised interest rates again last week, after a pause in June, the Fed is managing to “play a tightrope” to curb inflation without causing a recession, the Fed Chairman said. Chicago, Austan Goolsbee, adding that the central bank will study the data to determine if another hike will be needed in September.
Eight of the eleven major sectors of the S&P-500 ended the session in the green, led by energy, up 2%.
“The main thing is oil. We are above $80 a barrel (..), the level before the decline caused by the banking crisis,” commented Jay Hatfield, managing director of Infrastructure Capital Advisors. , At New York.
On the stock side, among the movements to note, the financial services provider SoFi Technologies jumped 19.9% after the publication of better than expected quarterly results.
Johnson & Johnson fell 4%, weighing on the Dow Jones, after a US judge rejected an attempt by the company to settle tens of thousands of claims related to its talc products.
Adobe rose 3.3%, outperforming its peers in the technology sector, after Morgan Stanley raised its recommendation to “outperform”.
(French version Jean Terzian)
2023-07-31 20:34:00
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