The facade of the New York Stock Exchange ( GETTY IMAGES NORTH AMERICA / SPENCER PLATT )
The New York Stock Exchange ended higher on Monday, benefiting from the good movement of the previous week despite a session that did not contain much special news.
The Dow Jones gained 0.58%, the Nasdaq index gained 1.59% and the broader S&P 500 index gained 0.97%.
The Nasdaq and S&P 500 posted their eighth straight gain on Monday, their best streak this year.
“Today’s session continues the positive trend” that began last week, said Art Hogan of B. Riley Wealth Management.
The New York market had no major indicators to watch and there will hardly be more in the coming days.
In terms of business, it will be worthy of a few publications from the distribution sector, especially the DIY chain Lowe’s (Tuesday), the supermarket chain Target (Wednesday) or the low-cost specialist TJX (also Wednesday) .
Investors are also waiting for a speech from the President of the Central Bank of America (Fed), Jerome Powell, on Friday at 2:00 pm GMT, as part of the Jackson Hole (Wyoming) conference, which will bring together many major banks from all over the world. world
“Powell often doesn’t say much” again at Jackson Hole, warning Arthur Hogan, for whom nothing on the week’s schedule “should be a medium” for announcements in one direction or the other. another side.
The analysis nevertheless confirms that volumes are low, with many operators still on leave. The transaction value recorded on Monday was the lowest since the end of November.
In this context, “it does not take much” to change the mood of the market.
On Monday, Wall Street was also encouraged by the easing of bond rates. The yield on 10-year US government bonds stood at 3.87%, compared with 3.89% at Friday’s close.
On the market, the semiconductor designer AMD (+4.52%) took part in the sector when it was announced that the specialist in computer servers and data centers ZT Systems was acquired, for 4.9 billion dollars.
So AMD plans to offer a more comprehensive offering in the field of artificial intelligence (AI).
Its rivals Nvidia (+4.35%) and Intel (+3.11%) also performed well.
Other AI stocks, such as Alphabet (+2.22%) or the data analysis company Palantir (+1.31%), also reported.
McDonald’s (+3.25%) benefited from a price target increase from analysts at investment bank Evercore ISI. They believe that the supply giant is able to continue gaining market share in the United States due to its low price policy.
GM appreciated (+0.97%) after the CNBC channel reported more than 1,000 job cuts in its services and software functions. Asked by AFP, the car manufacturer confirmed layoffs in these professions but did not give a figure.
Estée Lauder (-2.23%) fell despite higher-than-expected results. Investors paid more attention to the cosmetics group’s forecasts, which were considered disappointing, as well as the announcement of the resignation of general manager Fabrizio Freda, who has been over fifteen years.
The manager will leave the New York group at the end of the 2025 financial year, i.e. at the end of June 2025.
US Steel (-5.96%) also ended well in the red as Republican presidential candidate Donald Trump vowed on Monday to halt the steelmaker’s acquisition of rival Nippon Steele, which according to the written version of a speech he is going to deliver. at a public meeting in Pennsylvania.
The streaming platform FuboTV was put into orbit (+ 17.65%) after the decision of a federal judge in New York on Friday to block the creation of a video-on-demand platform dedicated to sports by Disney, Fox and Warner Bros. Discovery.
FuboTV had brought a civil lawsuit to court on the grounds that this new alliance was anti-competitive.
Nasdaq
2024-08-19 20:58:03
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