(New York) The New York Stock Exchange concluded the last session of November in disorganized order on Thursday, the best month of the year so far for the indices.
The Dow Jones index gained 1.47% to 35,950.89 points, the technology-heavy NASDAQ lost 0.23% to 14,226.22 points and the broader S&P 500 index advanced 0.38 % at 4567.80 points.
The Toronto Stock Exchange gained more than 100 points, thanks to the strength of financial, industrial and telecommunications stocks.
The S&P/TSX composite index on the Toronto floor gained 120.09 points, or 0.60%, to end the session with 20,236.29 points.
On the currency market, the Canadian dollar traded at an average rate of 73.63 US cents, up from 73.58 US cents on Wednesday.
On the New York Mercantile Exchange, the price of crude oil lost US$1.90 to US$75.96 per barrel, while that of natural gas lost less than 1 US cent to $2.80 per barrel. million BTUs.
The price of gold fell US$9.90 to US$2,057.20 per ounce and copper rose 3 US cents to US$3.85 per pound.
Over the month, the Dow Jones and the broader index, the most representative of the American market, both advanced more than 8% while the NASDAQ climbed around 10%.
November turned out to be the best month since July 2022 for the S&P 500 and the NASDAQ while the Dow Jones posted its best monthly performance since October 2022.
On Thursday, however, the technology sector did not follow the momentum of the Dow Jones, seeming a little disappointed with the US inflation figures.
Certainly the rise in prices continued to slow down in October in the United States, falling to 3.0% over one year, compared to 3.4% in September, according to the PCE index, the gauge favored by the Fed. Over one month, prices remained stable in November (+0.0%), whereas they had increased by 0.4% the previous month.
But underlying inflation, excluding food and energy costs, to which the Fed pays close attention, is still alive. It shows an increase of 0.2% over the month and 3.5% over the year, “which is still well above the Fed’s 2% target”, underlined Patrick O’Hare of Briefing.com.
Inflation is “moving in the right direction fortunately, but not in a way that suggests the Fed is going to cut rates anytime soon,” he added. However, technology companies are very sensitive to interest rates, the rise of which makes their investments more expensive and slows down their profit projections.
“I think we were slightly disappointed with the inflation figures. Bond rates rose and that was enough to dampen the enthusiasm of the technology sector,” Jack Ablin, from Cresset, told AFP.
The sharp rise in Treasury bonds that we experienced in November “is starting to tire,” added the analyst, stressing that this rebound in bonds (which goes hand in hand with a decline in their yields) “was one of the strongest Since twenty years “.
Bond rates rose to 4.35% for ten-year bonds, compared to 4.25% the day before, which was the lowest in two and a half months.
On the value side, Salesforce, the customer relations software giant which is part of the Dow Jones, significantly raised its profit forecasts for the fourth quarter, which boosted the stock (+9.35%) and dragged down the index. star values.
The same goes for cloud storage firm Snowflake, whose shares jumped 6.96% after publishing solid quarterly figures.
The car manufacturer Ford shed 2.93% after recognizing that the six-week strike cost it $1.7 billion, more than its rival GM (+0.25%).
Shares of biotech ImmunoGen soared 82.75% to $29.35 as the company specializing in cancer treatment will be bought by AbbVie laboratories for $10.1 billion, or more than $31 l ‘action. AbbVie shares rose 2.78%.
The title of the hydrocarbon delivery company Phillips 66 was again sought after for the second session in a row (+5.44%).
The investment group Elliott Investment Management has taken a stake worth a billion dollars in this energy firm.
Tesla lost 1.66% to $240. Elon Musk’s group presented its first electric van, the Cybertruck, on Thursday.