(New York) The New York Stock Exchange moved in a dispersed order on Wednesday, shortly after the opening, generally satisfied to see the job market decelerate without stalling, based on a report published before the opening .
Around 9:55 a.m., the NASDAQ index climbed 0.77% and the S index
The private sector created 152,000 jobs in May, according to the ADP consultancy, less than the 175,000 creations anticipated by economists and below the 188,000 new positions in April.
Following the publication, the yield on 10-year US government bonds eased slightly, to 4.29%, compared to 4.32% the day before at the close.
In one week, this benchmark rate fell by about 0.35 percentage points, a sharp change in this market.
“If the indicators give a reason for 10-year rates to fall and for the Fed (American central bank) to lower rates, then that’s good for the stock market,” concluded Sam Stovall of CFRA.
If macroeconomic indicators “continue to point to a Fed rate cut without a recession, the market can continue to move higher,” adds Sam Stovall, for whom “the indices could come to test the recent records.”
On the stock market, as in recent days, technology stocks led the charge.
“These companies have high valuations and would be the first beneficiaries of a lower rate environment,” emphasizes Sam Stovall.
The sector was also encouraged by several good publications, notably Hewlett Packard Enterprise (14.54%), whose results and forecasts exceeded expectations.
The group is taking full advantage of companies’ appetite for artificial intelligence (AI), with its turnkey infrastructures.
Standard bearer of the AI revolution, Nvidia continued its irresistible rise (2.41%). The gap between the semiconductor designer and Apple is now less than $100 billion.
As during the first trading days of the week, the values of the old economy were marking time. Procter
Still within the Dow Jones, Disney fell 1.83%. According to the Wall Street Journal, the entertainment giant, which controls the ABC and ESPN channels, is on the verge of winning, with Amazon, the contract to broadcast the North American basketball league NBA, in return for the payment of 76 billion dollars over 11 years, a colossal sum.
Elsewhere in the stock market, textile group HanesBrands rose (3.96%) after revealing the upcoming sale of sportswear brand Champion for $1.2 billion to Authentic Brands Group, which already owns a large portfolio of ready-to-wear names such as Quicksilver and Reebok.
The low-cost chain Dollar Tree fell (-1.42%), despite results generally in line with market projections. The group has indicated that it is studying the sale of its subsidiary Family Dollar, more focused on food, which has been in difficulty for several years.
