Wall Street ends higher, new records for the NASDAQ and the S&P 500

(New York) The New York Stock Exchange ended higher on Tuesday, setting new records on a market devoid of fresh news, but which is letting itself drift upwards.



The Dow Jones gained 0.17%. The NASDAQ index and the broader S&P 500 index gained 0.22% and 0.25%, respectively, to each set a new all-time high.

The largest weightings of the Dow Jones (16% of the index between them), UnitedHealth (+1.22%) and Goldman Sachs (+1.61%), shone, as did the giant technological capitalizations on the NASDAQ side. .

Microsoft (+0.87%) reached a new closing record, and now weighs $3,189 billion in capitalization. Its market valuation has increased almost tenfold in ten years.

The wave of new offers launched over the past ten days by the stars of generative artificial intelligence (AI), whether Microsoft, but also Google (+0.61% for Alphabet) or OpenAI, have given a boost to the sector in stock exchange.

Conversely, less present in the AI-labeled consumer products segment, Amazon (-0.21%) and Meta (-0.90%) remained behind although also investing billions in this technology.

For Jack Ablin, of Cresset Capital, this renewed euphoria will be tested by the results of the AI ​​superstar, the semiconductor designer Nvidia, expected Wednesday after the stock market.

“This will be a good indicator of the room for improvement that AI stocks still have,” according to the analyst.

A sign of the light mood in the New York market, the VIX index, which measures investor anxiety, fell on Tuesday to its lowest level in five months.

For Jack Ablin, the market has gone too high and is overheating. “If you compare stock prices to bond prices, they are probably at their highest since the financial crisis. »

On the bond market, rates eased slightly. The yield on 10-year US government bonds stood at 4.41%, compared to 4.44% at the close the day before.

Two members of the American central bank (Fed), Governor Christopher Waller and the president of the Atlanta branch Raphael Bostic estimated on Tuesday that recent indicators give reason for optimism, but that rate cuts are not possible. were not to be expected for several months.

On the stock market, Tesla rose (+6.66%) after an executive of the group indicated that the manufacturer intended to start mass deliveries of its electric truck in 2026, which it hopes to sell, at cruising speed. , 50,000 units per year.

The JPMorgan Chase bank recovered (+2.01%) after a drop.

On Monday, during the investor day, CEO Jamie Dimon confided that he saw himself leaving office in less than five years, while he had systematically avoided the question until now. However, he did not give a more precise timetable.

Operators reacted well to some positive news from mass distribution, while the economy is gradually deteriorating in the United States.

The department store chain Macy’s capitalized (+5.13%) on net profit above expectations and the increase in its annual forecast.

Engaged in a major restructuring, which notably includes the closure of numerous sites to concentrate on the most profitable ones, the brand has managed to reduce its operational and administrative costs.

Another pleasant surprise was that of the DIY goods chain Lowe’s, which exceeded expectations, notably thanks to growth in its professional sales and an acceleration in online commerce. But investors punished the stock (-1.88%), because they are worried about seeing turnover contract for the sixth quarter in a row.

This development contrasts with hypermarket giant Walmart (+1.51%), which is benefiting from consumers’ emphasis on low prices. The action ended at an all-time high.

Trump Media and Technology Group, former President Donald Trump’s media start-up, suffered (-8.66%) after publishing lackluster results. In the first quarter, TMTG only generated revenue of $770,500 for a net loss of $328 million.

Toronto Stock Exchange

Canada’s main stock index posted a gain Tuesday, while some of the largest U.S. indexes advanced into record territory.

The S&P/TSX Composite Index closed up 2.79 points at 22,468.16 points.

The Canadian dollar traded at an average rate of 73.27 US cents, down from its average rate of 73.45 US cents on Friday.

On the New York Mercantile Exchange, the June crude oil contract was down 54 US cents at US$79.26 a barrel and the June natural gas contract was down 8 US cents to 2. US$67 per thousand cubic feet.

Gold futures for June delivery were down US$12.60 at US$2,425.90 an ounce and copper futures for July delivery were up 3 US cents at $5.11 US pound.

The Canadian Press


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