(New York) The New York Stock Exchange was trading in disarray on Monday shortly after the opening, experiencing a downturn as the end of the month approached and a quarter of good performance despite two air gaps.
Around 10 a.m., the Dow Jones fell 0.51%, the NASDAQ index gained 0.12% and the broader S&P 500 index lost 0.15%.
On Friday, the Dow Jones recorded a new closing record, the 32e of the year.
“The market is looking for a new catalyst,” observes Adam Sarhan of 50 Park Investments. “In the meantime, it is normal to take some profits with the arrival of the end of the month and the quarter.
Despite a drop at the beginning of August, following a jump in the yen, then another at the beginning of September, the New York indices should end the third quarter with substantial gains, including nearly 5% for the S&P 500.
Despite the consolidation movement at the start of the session on Monday, Patrick O’Hare of Briefing.com observed that “if there is not much conviction in the purchase, there is not much either in the sale “.
The New York market was also positioned ahead of a series of indicators expected later this week, with the ISM activity indicators in the United States, Tuesday and Thursday, as well as the monthly employment report, Friday.
Economists are counting on a job creation figure close to that of August, interpreted as disappointing but not catastrophic.
The New York Stock Exchange remains supported by the prospect of further rate cuts from the American central bank (Fed).
Operators anticipate a reduction of at least 0.75 percentage points in total at the last two meetings of the year, in November and December.
On the bond market, rates were tightening. The yield on 2-year US government bonds stood at 3.61%, compared to 3.56% at Friday’s close.
The last day of the quarter was an opportunity for bargain hunting, which notably benefited Apple (+1.46%), the semi-wholesale supermarket chain Costco (+1.36%) and the group FedEx courier (+2.19%).
On the stock market, Nvidia was still in quarantine (-1.04%), weighed down by information from the Bloomberg agency, published Friday, according to which the Chinese authorities recommended that the country’s companies turn away from the American giant’s chips. profit from local suppliers.
The shadow cast on Nvidia extended to several of its competitors, including Micron (-2.84%) and Intel (-1.55%).
The title of the telephone operator AT&T reacted little (-0.08%) after the announcement of the sale of its 70% stake in the capital of the satellite package DirecTV for $7.6 billion, to the investment company TPG.
DirecTV will then take control of Dish, the other major satellite package in the American market, to form a single entity.
Chinese stocks listed in New York continued to shine, like the streaming musical Tencent Music Entertainment Group (+2.52%) or the restaurant group Yum China Holdings (+4.99%), which notably controls the Pizza Hut and Taco Bell brands in the People’s Republic.
Since the start of the wave of announcements of measures to support the economy by the Chinese authorities on Tuesday, the Chinese e-commerce giant JD.com (+5.59%) has appreciated by more than 40%.
The CVS Health pharmacy network advanced (+3.09%), in the perspective of a meeting between group leaders and representatives of the alternative fund (hedge fund) Glenview Capital, which holds 1% of the shares and is demanding a change of strategy.
The Bristol Myers Squibb laboratory remained in demand (+1.33%) after the American Medicines Agency (FDA) authorized the marketing of its treatment against schizophrenia Cobenfy.
No new drug against this pathology has been authorized in the United States for decades.