(Photo: Getty Images)
MARKET REVIEW. The New York Stock Exchange closed slightly lower on Wednesday, catching its breath after a new surge in indices, in a waiting position before the release of a major inflation indicator on Thursday.
Canada’s main index fell, dragged down by weakness in base metals.
To (re) view market news
Stock market indices at closing
In Toronto, the S & P / TSX decreased by -75.13 points (-0.35%) to 21,243.77 points.
In New York, the S&P500 fell by -8.42 points (-0.17%) to 5,069.76 points.
The Nasdaq retreated by -87.56 points (-0.55%) to 15,947.74 points.
The DOW fell by -23.39 points (-0.06%) to 38,949.02 points.
The loonie dropped -0.0032 US $ (-0.4271%) at 0.7364 US $.
The oil dropped by -0.58 US $ (-0.74%) at 78.29 US $.
Gold dropped by -0.70 US $ (-0.03%) at 2,043.40 US $.
The Bitcoin closed higher by +3,636.66 US $ (+6.40%) at 60,500.80 US $.
The context
“We are on a very strong ascent, and we are taking a break today,” commented Angelo Kourkafas of Edward Jones.
This parenthesis was encouraged by the absence of major indicators or heavyweight publications from Wall Street.
“Several giant capitalizations in the technology sector have declined and dragged the indices with them,” noted Angelo Kourkafas.
Alphabet was the most affected (GOOG, -1.91% at $137.43), ahead of chip manufacturers Intel (INTC, -1.73% at $41.99), Qualcomm (QCOM, -1.05% at $155.85) and Nvidia (NVDA, -1.32% at $776.63), the stock market superstar for the past year.
However, the inflection was moderate and many values even rebounded towards the end of the session.
“The scenario remains unchanged overall,” says Angelo Kourkafas, with “a strong labor market and a (American) economy that continues to demonstrate resilience.”
The bond market also took a step aside. The yield on 10-year US government bonds was 4.26%, compared to 4.30% the day before the close.
“The good news,” according to Angelo Kourkafas, “is that the stock market remained calm as expectations of rate cuts” by the Federal Reserve (Fed) evolved, with Wall Street reducing from 6 to 3 the number of rate cuts it expects this year.
“We are wrapping up a very good earnings season and now we are focusing again on inflation and interest rate trajectories,” says the analyst.
Wall Street is already looking ahead to the release on Thursday of the PCE price index, the most important inflation measure for the Fed.
After two bad figures on the CPI and PPI indices, the other major price markers in the United States, Wall Street does not rule out a rebound in the PCE. “But it would really take a big surprise” to tense the market, according to Angelo Kourkafas.
On the market, the cryptocurrency exchange platform Coinbase (COIN, +0.79% at $200.80) marginally benefited from the surge in bitcoin, which crossed the symbolic threshold of $60,000 per unit on Wednesday, for the first time since November 2021.
The digital currency trading platform, however, experienced a malfunction that saw the balance of several clients display zero, even as the company assured that the assets were there.
Health insurer UnitedHealth (UNH, -2.95% at $498.28), the largest weighting in the Dow Jones (8.6% of the index), pulled the index down after the Wall Street Journal reported on Tuesday on a Department of Justice investigation into possible anticompetitive practices within the Minnetonka (Minnesota) company.
The laboratory Novavax plummeted (NVAX, -26.74% to $4.4100) after registering lower-than-expected revenue in the last quarter of 2023 and higher-than-expected losses. Investors were also disappointed by the outlook for the current fiscal year. The group is suffering from the slowdown in the pace of COVID-19 vaccinations.
Wall Street welcomed the results, beyond its expectations, of the eBay platform (EBAY, +7.88% to $47.89), in which analysts saw a sign of the resilience of e-commerce.
Disney rose (DIS, +1.26% at $110.80) after announcing its alliance with the conglomerate Reliance, which will allow it to form a new television giant in India, with 750 million claimed viewers.
Subscribe to our thematic newsletter:
Personal finances – Every Friday
Get inspired by the advice of our financial planning experts and all the news that may affect the management of your wealth.
in an article that can rank high in google
#Bourse #Wall #Street #termine #baisse
publish_date]
