(New York) The New York Stock Exchange moved in dispersed order Monday after another week of losses.
Posted 9:42 a.m. Updated 10:15 a.m.
The Dow Jones index was down 0.14%, the tech-heavy NASDAQ gained 0.79% and the S&P 500 was up 0.36% around 10 a.m. ET.
Bond yields continued to be under pressure, with 10-year yields hovering above 4.30%, close to a 15-year high seen last week. As of 10 a.m. EST, it was up to 4.31%.
The NASDAQ is emerging from a weekly loss of 2.6%, the third in a row as well as for the broader S&P 500 index (-2.1%). The Dow Jones meanwhile fell 2.2%, its worst week since March.
“Given the lack of indicators on the agenda this week, investors will focus on the interventions of Fed officials which will culminate on Friday with President Jerome Powell’s speech at the economic symposium in Jackson Hole” in Wyoming, a commented Will Compernolle of FNH Financial.
“Markets will be looking to Mr. Powell for a sense of the Fed’s center of gravity after the late July meeting” where the US central bank raised rates slightly for the 11th time in nearly 18 months.
Briefing.com’s Patrick O’Hare said Monday’s attempted rally “was driven by investors’ inclination to buy equities on the downside.”
“It can hardly be anything else as bond rates climb, which China’s central bank disappointed with a lower than expected interest rate cut. […] and the tropical storm that is inundating Southern California,” the analyst said.
On Monday, China cut the one-year interest rate, which serves as a benchmark for business loans, to 3.45% to stimulate the economy, a move that failed to convince the markets.
On the side, we expect Monday the results of the videoconferencing company Zoom (+ 1.61% at 9:40 a.m. Eastern time) then those of the manufacturer of highly sought-after chips for artificial intelligence, Nvidia on Wednesday (+ 4 .25% to $451). On Thursday, it will be the turn of retailers Gap (+1.06%) and Nordstrom (+0.81%).
Cybersecurity software firm Palo Alto Networks soared 16% to $243 after better-than-expected earnings per share.
Even if its quarterly turnover was a little disappointing, it is 26% higher than last year at the same time.
The title of Meta gained 0.84% while, according to the Wall Street Journal, the firm of Mark Zuckerberg could announce this week a web version of its social network Threads, launched a month and a half ago to compete with Twitter , renamed X by its owner Elon Musk.
The Regeneron laboratory advanced by 1.28%, celebrated after a green light from the FDA drug authority for its treatment against macular degeneration.
Electric truck maker Nikola slumped 12% to $1.72 as it suffered the impact of a costly recall of its batteries after incidents involving fire starts.
The group warned on Monday that it may not meet its vehicle delivery targets this year.
2023-08-21 13:42:40
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