(New York) The New York Stock Exchange was moving higher on Tuesday shortly after opening, thanks to a sustained activity indicator and its status as a safe haven for investors.
Around 10:15 a.m. ET, the Dow Jones was up 0.06%, while the NASDAQ index and S
On Monday, the NASDAQ recorded a sixth record in a row at the close. As for the S
When it opened, Wall Street lacked conviction one way or the other in the midst of an unusual week.
“It’s not Friday, but it looks like it, because the market will be closed on Wednesday for the Juneteenth holiday”, which marks the effective end of slavery in the United States, explained, in a note, Patrick O’ Hare.
“Volumes could be limited as operators think more about what they are going to do this summer” than the market, he added.
“That said, the insatiable appetite for giant technology capitalizations and a few “meme stocks” (values favored by stock marketers) means that you cannot be sure that the day is going to be calm. »
In fact, several semiconductor manufacturers were sought after, such as Qualcomm (2.51%) or Micron (5.27%), always supported by the attraction of generative artificial intelligence (AI).
Their competitor Nvidia was also in the green (1.43%). The battle for the throne of the world’s largest capitalization resumed with a vengeance, the major supplier of generative AI chips competing with Apple (-0.79%) and Microsoft (-0.24%).
Most of the other “tech” behemoths regained some strength, such as Amazon (-0.11%) or Alphabet (-0.51%).
The New York market regained momentum after the Federal Reserve (Fed) announced that industrial production had increased by 0.9% in May over one month, a surprise as economists expected an increase by only 0.3%.
Part of this discrepancy is attributable to downward revisions of the two previous figures, for March and April.
Earlier, the Commerce Department reported a 0.1% month-on-month increase in U.S. retail sales in May, less than the 0.2% expected.
For Will Compernolle, of FHN Financial, this figure should be put into perspective, because prices fell in several categories during the period considered. He estimates that adjusted for this effect, retail sales actually increased by 0.4%.
Retail sales nevertheless shook up the bond market, and the yield on 10-year US government bonds eased to 4.24%, compared to 4.28% the day before at the close.
For Karl Haeling of LBBW, in addition to the deceleration of inflation and the hope of future rate cuts from the Fed, “a good part of the recent gains (on Wall Street) is due to an aversion to risk”.
The votes in Mexico, India, South Africa and then Europe were seen as factors of instability by the market, according to the analyst.
“And now you have the situation in France”, which is preparing for a legislative vote with an uncertain outcome, adds Karl Haeling. “Geopolitics works for the United States. »
On the stock market, the tobacco company Philip Morris fell (-0.94%) after its subsidiary, Swedish Match North America, suspended sales, from its site, of its Zyn nicotine sachets, which are very successful with consumers. youth.
The move comes as authorities in the capital, Washington, investigate possible violations of its ban on the sale of artificially flavored tobacco products.
The Mexican-inspired fast food chain Chipotle was still gaining ground (1.55%), as it approaches the 50-fold split of its stock on June 25, which it expects to stimulate market interest. small carriers.
