par Caroline Valetkevitch
NEW YORK, Aug 21 (Reuters) – The New York Stock Exchange ended in disarray on Monday, the start of a week that will be marked by the Federal Reserve (Fed) chief’s speech in Jackson Hole and the results quarterly results from Nvidia, expected to be very solid, whose jump during the session benefited the Nasdaq, which was up sharply.
The Dow Jones Industrial Average fell 0.11 percent, or 36.97 points, to 34,463.69 points.
The broader S&P-500 gained 30.06 points, or 0.69%, to 4,399.77 points.
The Nasdaq Composite advanced for its part by 206.81 points (1.56%) to 13,497.59 points.
Nvidia, which has emerged as a big beneficiary of this year’s gains in the technology sector due to the growing interest in artificial intelligence (AI), is expected to announce a revenue forecast higher than expectations for the current quarter.
Two days before the publication of its quarterly results, the semiconductor manufacturer saw its stock jump 8.2% on Monday, while HSBC raised its price target for the group to 780 dollars – the second highest amount. high on Wall Street.
Nvidia is up more than 220% year-to-date on Wall Street, during which time the Nasdaq is up 29%.
Noting that Nvidia was a headliner for AI, Quincy Krosby, chief strategist at LPL Financial in Charlotte, North Carolina, said “the question is whether it can meet the high expectations, and if so, whether it will help the market go up.”
She also pointed out that investors were also concerned about comments to be made by Fed Chairman Jerome Powell on Friday at the central bankers’ meeting in Jackson Hole, Wyoming.
Fears that the Federal Reserve will keep interest rates high for longer than expected benefited bond yields and fueled concerns about the impact of borrowing costs for businesses and consumers.
The yield on 10-year US Treasury bonds has thus reached its highest level since the 2007 financial crisis.
On the values side, among the movements to note, the 3% decline of Johnson & Johnson, which weighed on the Dow Jones.
Another rising tech stock was Palo Alto Networks, which climbed 14.8% after posting strong quarterly results and reporting a better-than-expected full-year forecast.
VMware rose 4.9% after the UK competition regulator cleared its takeover by Broadcom, which in turn rose 4.8%.
(French version Jean Terzian)
2023-08-21 20:39:48
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