Wall Street ends in disorganized order | Bond rates spoil the mood

(New York) The New York Stock Exchange ended on a mixed note on Monday, the capitalizations of technology giants masking a gloomy market which is helplessly watching the rise in bond rates.



The Dow Jones lost 0.22%, the NASDAQ index gained 0.67% and the broader S&P 500 index ended almost in balance (+0.01%).

The trajectory of the NASDAQ “is a little misleading”, tempered Patrick O’Hare. “It is due to the strength of giant capitalizations” in the technology sector.

Apple (+1.48%), Microsoft (+1.92%), Amazon (+1.84%), Nvidia (+2.95%), Meta (+2.20%) and Alphabet (+2. 52%), which weigh around 40% of the index, thus pulled the 94 other NASDAQ stocks behind them and allowed the whole to close in the green.

Long considered risky securities, these technological flagships now play the role of safe haven when volatility increases and uncertainty dominates.

Among them, Nvidia had received a helping hand from Goldman Sachs, whose analysts included the big winner of the AI ​​(artificial intelligence) revolution on their list of stocks recommended for purchase.

But the weather remained overcast on Wall Street, obsessed by the bond market, which shows no sign of calming down after weeks of overheating.

“The yield on 10-year US government bonds is the most followed indicator on the markets in the world” at the moment, summarized Convera analysts in a note.

This reference rate was propelled on Monday to 4.70%, a first in almost 16 years.

“A lot of people think the market has fallen too much,” explained Patrick O’Hare, “but it can stay like that for a while. People are waiting for the signal for a rebound, which will be a decline in bond rates. »

On the stock market, Tesla fell behind the NASDAQ ogres (+0.55%) after reporting deliveries lower than expected in the third quarter, following stoppages on certain production lines to carry out updates. day, in Shanghai and Austin (Texas).

“Even taking into account these judgments, […] Tesla clearly missed the target,” reacted analysts at Wedbush Securities in a note.

The Kellogg group (-5.98%) made the split on Monday between cereals in North America, now united under the WK Kellogg banner (-9.06%), and the rest of its portfolio, now called Kellanova.

The entities are now two separate listed groups, a strategy which aims to capitalize on the growth potential of Kellanova, considered more promising than cereals, which made Kellogg famous, but is now marking time.

Recently listed on the stock market, the grocery delivery platform Instacart fell (-9.20%), weighed down by an article from The Information site mentioning cautious forecasts from several analysts, who see its growth slowing.

Representatives of the cryptocurrency sector rode the bitcoin wave (+2.83%), at its highest level in a month and a half. “Beneath the surface, there are signs that cryptoassets could be starting a new bull cycle,” said Matthew Weller of Forex.com.

On Monday, the cryptocurrency exchange platform Coinbase advanced (+0.31%), as did digital currency “mining” specialists Marathon Digital (+0.35%) and Riot Platforms (+5.89%). ).

Toronto Stock Exchange

The Toronto Stock Exchange closed Monday’s session down more than 300 points, dragged down by the utilities and energy sectors, while the major American indices ended the day in disarray.

The Toronto trading floor’s S&P/TSX composite index lost 364.09 points, or 1.86%, to finish with 19,177.18 points.

In New York, the Dow Jones industrial average returned 74.15 points to 33,433.35 points, or 0.22%, while the broader S&P 500 index gained 0.34 points, or 0.01%. , at 4288.39 points. The NASDAQ Composite Index for its part gained 88.45 points, or 0.67%, to 13,307.77 points.

On the currency market, the Canadian dollar ended the day at 73.66 US cents, according to the specialized site XE.com, down from its average price of 73.96 US cents on Friday.

On the New York Mercantile Exchange, the price of crude oil fell US$1.97 to US$88.82 per barrel, while that of natural gas fell by 9 US cents to $2.84. US per million BTUs.

Gold prices fell US$18.90 to US$1,847.20 per ounce and copper prices fell 10 US cents to US$3.64 per pound.

The Canadian Press


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